ICICI Bank hikes interest rates on fixed deposits under Rs 2 crore; details here
Previously on 18 October, ICICI Bank increased the interest rates on a few different FD tenures by up to 25 basis points
Representational image.
ICICI Bank raised the interest rates on fixed deposits for the second time in October. This time, the private sector lender has raised the interest rates on certain fixed deposit (FD) tenures by as much as 50 basis points. Fixed deposits under Rs 2 crore will be eligible for a higher interest rate. On the bank’s website, it states that the new FD interest rates came into effect from 29 October. Previously on 18 October, ICICI Bank increased the interest rates on a few different FD tenures by up to 25 basis points.
Here are ICICI Bank’s increased interest rates for FDs:
For fixed deposits that mature in 7 days to 29 days, the bank will continue to give 3 per cent interest, and for deposits that mature in 30 days to 45 days, it will offer a 3.50 per cent interest rate. In order to compete with other banks, ICICI Bank has raised interest rates on deposits maturing in 46 to 60 days by 25 basis points, from 3.50 per cent to 3.75 per cent, and on fixed deposits maturing in 61 to 90 days by the same amount, from 3.75 per cent to 4.00 per cent.
The private bank has raised the interest rate on deposits maturing between 91 and 184 days from 4.25 per cent to 4.5 per cent. It has also increased the interest rate on FDs maturing in 185 to 289 days from 5 per cent to 5.25 per cent. The interest rate on fixed deposits that mature in 290 days to less than a year has increased by 50 basis points, from 5 per cent to 5.5 per cent.
The interest rates on ICICI Bank fixed deposits with maturities ranging from one year to 18 months have climbed from 5.8 per cent to 6.10 per cent. The interest rate on FDs with tenure between 18 months and two years has been boosted from 5.8 per cent to 6.10 per cent. The interest rate for deposits maturing in 2 years and 1 day to 3 years is now 6.20 per cent. Previously, the interest rate for this period was 6 per cent.
The interest rate for FDs maturing between 5 years and 1 day and 10 years has been hiked by ICICI Bank from 6.10 per cent to 6.25 per cent. For 5-year tax-saving FDs, the lender is now offering 6.35 per per cent interest. Prior to this, the rate on tax-saving FDs was 6.2 per cent.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
also read
Explained: Will the Bank of Japan break tradition and raise interest rates?
Even as the Federal Reserve and the world’s other central banks raise interest rates to try to curb inflation, the Bank of Japan has stood firm, keeping its key interest rate at minus 0.1 per cent even as the yen sinks to three-decade lows against the dollar
Want to take pre-approved loan? Check what benefits you can get
Notably, pre-approved loans are only available for a limited period. That’s why making a decision at the appropriate time is so crucial
SBI revises interest rate on savings accounts, check latest rates here
The move comes after SBI hiked its term deposit interest rate across all tenors. The bank is offering 3 to 5.85 per cent interest on term deposits to the general public