How is Savings Account Interest Rates Calculated?
Savings Bank Account interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. With effect from March 30, 2016, interest will be paid quarterly in March, June, September and December.
With effect from 9th April 2020, the savings account interest rate applicable would be:
3.25% for end of day account balance of below ₹50 Lacs
3.75% for end of day account balance of ₹ 50 Lacs & above.