Private banker, ICICI Bank hikes interest rate on bulk fixed deposits by 25 basis points between 2 crore to 5 crore on a special tenure of 61 days to 90 days. Also, the bank has revised the rates on FDs 5 crore to 500 crore and above. The interest rates are the same for both public and senior citizens and have come into effect from October 4, 2022. Last week, the bank had also increased FD rates for deposits below 25 basis points. 2 crores. The FD rates have been increased in line with the RBI’s cut in the fourth repo rate for FY13 by 5.9%.
As per the latest update on the website, ICICI Bank Offers rate of 5.25% on FD among 2 crore to 5 crore on tenure of 61 days to 90 days. Earlier the interest rate here was 5 per cent. Hence, there has been an increase of 25 basis points in this tenure.
All other interest rates have been kept unchanged for both general and senior citizens.
Currently, ICICI Bank offers a rate of 3.75% on a tenure of 7 days to 29 days, while the rate is 3.9% for 30 days to 45 days and 4.25% on a tenure of 46 days to 60 days.
Meanwhile, a depositor can earn an interest rate of up to 5.5% on bulk FDs with tenures ranging from 91 days to 184 days. Whereas the interest rate on the tenure from 185 days to 270 days is 5.75%.
In addition, the bank offers a rate of 6% on tenures ranging from 271 days to less than 1 year. The highest interest rate on FDs maturing from 1 year to 10 years is 6.25%.
ICICI Bank FDs have a minimum tenure of 7 days to a maximum of 10 years.
On its website, ICICI Bank said, “No FD interest rate will be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposit. Subject to a minimum period of 7 days for domestic and NRO FD deposits.” “
These revised fixed deposit interest rates will be applicable for new ICICI Bank FDs and renewal of existing fixed deposits.
Also, the bank has revised the interest rates on FDs. 5 crore to 500 crore and above. between FD less than 5 crore 5.10 crore and less than 24.90 crores 25 crores – The bank offers interest rates ranging from 3.75% to 4.35%. The rates on the rest of the bulk FDs range from 3.75% to 6.25%. These rates are on FDs with the facility of premature withdrawal.
Interest rates on FDs without premature withdrawal facility are as high as 3.75% to a maximum of 6.9% on deposits from 2 crore to 500 crores and above.
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