Private lender ICICI Bank has hiked the interest rates on fixed deposits less than ₹2 crore. On its official website, the bank has announced the revised rates after an increase of 50 basis points on the term deposits maturing in seven days to ten years. ICICI Bank is offering interest rates ranging from 3 per cent to 6.25 per cent for general public on fixed deposits for the above mentioned period.
The bank will continue to offer an interest rate of 3 per cent for fixed deposits maturing in seven days to 29 days and 3.50 per cent interest rate on deposits maturing in 30 days to 45 days.
The private lender has increased the interest rates by 25 basis points from 3.50 per cent to 3.75 per cent on the deposits which mature in 46 days to 60 days while the interest rates have been hiked by 3.75 per cent to four per cent on the fixed deposits maturing in 61 days to 90 days.
On the other hand, the deposits which mature in 91 days to 184 days will offer an interest rate of 4.50 per cent against the earlier 4.25 per cent. The depots which mature in 185 days to 289 days will have an interest rate of 5.25 per cent against the previous 5 per cent.
The bank has increased the interest rate by 50 basis points from 5 per cent to 5.50 per cent on the deposits which mature in 290 days to less than a year and by 30 basis points from 5.80 per cent to 6.10 per cent on those maturing in 1 year to 18 months. For the deposits which mature in 18 months to 2 years, the bank increased the interest rate from 5.80 per cent to 6.15 per cent.