Check Latest Savings Account Interest Rates

ICICI Bank savings bank interest is fixed and gets credited quarterly. ICICI Bank savings account interest rate per month is calculated as per the daily balance, which is the sum of all the deposits minus withdrawals made during the day.

There are various factors affecting the Savings Account interest rate, such as the monetary policy set by the Central Bank, inflation and prevailing market conditions. Other factors, such as the financial performance and business strategy of the bank, may also play a role in determining the interest rate.

A Savings Account ICICI Bank A Savings Account offers multiple benefits such as easy access to funds, cash withdrawals, utility bill payments and online fund transfers through UPI, IMPS, NEFT and RTGS. With an ICICI Bank Savings Account, you also earn regular interest credited quarterly. It's convenient, providing a secure place to save money while offering flexibility and additional financial benefits.

Interest on ICICI Bank savings accounts is calculated on the daily closing balance. The applicable interest rate is fixed as per the bank’s policy and is credited quarterly at the end of March, June, September, and December. This method ensures that interest is earned consistently throughout the year and credited to the account at regular intervals.

Savings Account interest of up to ₹10,000 is not taxable. If the interest amount increases the mentioned threshold, it is added to your income and comes under tax deduction. Remember to check your Savings Account statements to determine the interest that has been accrued for the year to determine the taxable amount.

TDS is generally not deducted on Savings Account interest. However, total interest income must be declared while filing income tax returns as per applicable tax regulations.

Yes, ICICI Bank customers may estimate Savings Account interest by applying the published interest rate to their daily closing balance. To calculate the Savings Account interest, click here.

Interest on savings bank account balances is calculated daily on End Of Day (EOD) balance and credited quarterly as per the bank’s policy.