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One of the largest private bankers, ICICI Bank has increased its fixed deposits on bulk deposits with effect from Monday onward. The bank offers a 6.05% interest rate on FDs between ₹2 crore to ₹5 crore. With a premature withdrawal facility, the FDs offer interest rates ranging from 3.50% to 6.15%. Senior citizens are already getting an additional interest rate of 0.2% on FDs above 5 years tenure under its Golden Years FD scheme. Banks have been hiking their FD rates since RBI started to hike repo rates by 1.4% in the last three policies.
Here, the interest rates are similar for both the general category and senior citizens.
With effect from August 29, ICICI Bank offers a 3.50% rate on FDs maturing from 7 days to 29 days, while the rate is 3.60% on 30 days to 45 days tenure. The bank provides a 4% rate on FDs maturing 46 days to 60 days, while the interest rate is 4.75% on 61 days to 90 days tenure.
ICICI Bank offers 5.25% on tenures from 91 days to 184 days. The rate is 5.50% from 185 days to 270 days. While the rate is set at 5.70% on maturity period from 271 days to less than 1 year.
The bank gives 6.05% on 1-year to 5 years tenure. While the rate is at 5.90% on 5 years to 10 years tenure.
The rate ranges from 3.50% to 4.25% on FDs from ₹5 crore to ₹5.10 crore, and ₹24.90 crore to ₹25 crore.
While the interest rate is from 3.50% to 6.15% on FDs from ₹5.10 crore to ₹500 crore excluding FDs from ₹5 crore to ₹5.10 crore and ₹24.90 crore to ₹25 crore.
These FDs have tenures from 7 days to 10 years with a premature withdrawal facility.
FDs between ₹2 crore to ₹500 crore:
The bank offers a 6.60% interest rate on FDs between ₹25 crore to ₹100 crore on tenure 1 year to 389 days.
Meanwhile, the interest rate ranges from 3.50% to 6.50% on other tenures from 7 days to 10 years on FDs from ₹2 crore to ₹500 crore.
These interest rates have come into effect from August 29 on domestic and NRO deposits without a premature withdrawal facility.
ICICI Bank levies a 0.5% penalty on premature withdrawal for FDs below ₹5 crore on less than 1-year tenure. While the penalty is 1% each on 1 year and above but less than 5 years; and 5 years and above tenure.
On the other hand, the penalty is 0.50% on FDs of ₹5 crore and above on tenure less than 1 year, while the penalty is 1% on 1 year and above but less than 5 years on the same deposits. The penalty is high at 1.5% on 5 years and above tenure for the same FDs.
ICICI Bank on its website said, "Resident Senior Citizen customers will get an additional interest rate on an FD of 0.20% for a limited time over and above the existing additional rate of 0.50% per annum." Notably, the additional rate will be available on fresh deposits opened as well as deposits renewed during the scheme period.
This scheme has been revised and in effect from August 19.
The eligible FD tenure here is 5 years 1 day up to 10 years.
In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on, or after 5 years 1 day, the applicable penal rate will be 1.20%. In case the deposit opened in the above scheme is prematurely withdrawn/closed before 5 years 1 day, the prevailing premature withdrawal policy will be applicable.
The scheme is available till October 7, 2022.