ICICI Bank on Friday announced it has increased interest rates on fixed deposits less than ₹2 crore. With effect from today, the interest rates on deposits from 46 days to ten years have been hiked by up to 60 basis points. The general public are offered an interest rate of seven per cent while the senior citizens will get an interest rate of 7.50 per cent, the private lender announced on its website.
The deposits maturing in seven to 29 days will have an interest rate of three per cent while those maturing in 30 to 45 days have an interest rate of 3.50 per cent. The private lender has hiked the interest rates on the deposits attaining maturity in 46 days to 60 days by 25 basis points i.e 3.75 per cent to four per cent.
The bank has increased interest rates on the deposits which mature in 61 days to 90 days from 4.25 per cent to 4.50 per cent.
Here are the interest rates for deposits maturing in other time periods:
91-184 days: 4.75%
185-289 days: 5.50%
290-less than 1 year: 5.75%
1 year-15 months: 6.60%
15 months-2 years: 7%
2 years 1 day- 3 years: 7%
3 years 1 day- 5 years: 7%
5 years 1 day-10 years: 6.90%
The bank has said it will be offering additional interest rates of 0.10 per cent on the fixed deposits to senior citizen customers. This is in addition to the additional interest rate of 0.50 per cent per annum under the ICICI Bank Golden Years FD, which is from May 20, 2020 to April 7, 2023. The tenture ranges from five years and a day to ten years.
The ICICI Bank’s increase in fixed deposit rates comes days after another private lender HDFC Bank also raised its interest rate for fixed deposits less than ₹2 crore.
The State Bank of India had also hiked its interest rates on December 13.