ICICI Bank hikes FD interest rates across tenures; check details here

Joining banks like Punjab National Bank (PNB) and State Bank of India (SBI), private lender ICICI Bank has also revised the interest rates for fixed deposits below Rs 5 crore. The revised rates will be applicable from June 16 (Thursday).  

The move follows a 50 basis points hike in repo rate to 4.90 per cent by the Reserve Bank of India (RBI) last week. In May also RBI had hiked repo rate by 40 basis points.

According to the lender’s website, interest rates on fixed deposits maturing in 7-14 days and 14-29 days stand at 2.75 per cent for the general public and 3.25 per cent for senior citizens.

Interest rates on fixed deposits maturing in 30-45 days, 46-60 days and 61-90 days stood at 3.25 per cent for general public and 3.75 per cent for senior citizens. The bank offers an interest rate of 3.75 per cent to general public and 4.25 per cent to senior citizens on FDs maturing in 91-120 days, 121-150 days and 151-184 days.

In case of FDs maturing in 185-210 days, 211-270 days, 271-289 days and 290 days to less than one year, the bank offers an interest rate of 4.60 per cent to general public and 5.10 per cent to senior citizens.

For FDs maturing in a year to 389 days, 390 days to less than 15 months, 15 months to less than 18 months and 18 months to 2 years, ICICI Bank will offer an interest rate of 5.30 per cent to the general public and 5.80 per cent to senior citizens.

ICICI Bank will offer an interest rate of 5.50 per cent to general public and 6 per cent to senior citizens on fixed deposits maturing in two years one day to three years.

The bank will offer an interest rate of 5.70 per cent to general public and 6.20 per cent to senior citizens on FDs maturing in three years one day to five years and 80C FDs maturing in five years. For loans maturing in five years one day to ten years, the bank will offer an interest rate of 5.75 per cent to general public and 6.50 per cent to senior citizens.

The website reads, “ICICI Bank staff (including retired staff) will get additional 1 per cent rate of interest on domestic deposit below Rs 2 crore.” It further stated, “Resident senior citizen customers, will get an additional interest rate of 0.25 per cent for limited time over and above existing additional rate of 0.50 per cent per annum.”