ICICI Bank has increased the interest rate on its fixed deposits with effect from November 15. The rate hike varies from 10 basis points to 25 basis points across different time periods. The highest interest rate is of 7.5%.
New Delhi: Days after HDFC Bank hiked interest rates for fixed deposits, ICICI Bank, too, raised retail term deposit interest rates by up to 25 basis points today. The new interest rates for fixed deposits of less than ₹ 1 crore will be applicable across various term periods from tomorrow November 15.
After the increase, ICICI Bank offers an interest rate of 7.5% for all FDs above 2 years and upto 3 years. This is the highest interest rate that ICICI Bank is offering across various tenors. For FDs between 1 year and 389 days, the rate of interest is 6.9%, an increase of 15 basis points.
“With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns," ICICI Bank senior general manager Pranav Mishra said.
ICICI Bank offers term deposits with various maturities starting as low as 7 days (4% interest rate) and up to 10 years (7%). It also offers a 50 basis points more to senior citizens for term deposits of all maturities.
ICICI Bank’s new fixed deposit interest rates effective from November 15 are as below:
Earlier in the month, HDFC Bank had raised interest rates on FDs by up to 50 basis points across various tenors. After the latest hike, HDFC Bank is offering 6.5% on FDs with maturity of 5-8 years and 8-10 years, up from 6% earlier. Interest rates on fixed deposits of 3-5 years go up to 7.25% from 7.1% earlier. Similarly, the interest rate of one-year HDFC Bank FD goes up to 7.3% from 7.25%.
These are the latest interest rates on HDFC Bank FDs across various maturities:
For FDs maturing between 2 years and 3 years, SBI is offering an interest rate of 6.75% as compared to 6.65% earlier.
The country’s largest bank, SBI, had earlier revised its FD rates on 30 July. SBI also pays 50 basis point higher interest rates to senior citizens across all maturities. SBI offers interest of 5.75% on FDs with maturity of 7-45 days. The FD rates go up to 6.25% for deposits of 46-179 days, 6.35% for 180-210 days and 6.4% for 211 days to less than 1 year.
For higher FD maturities of 1 year to less than 2 years, SBI is offering 6.70%; for 2 years to less than 3 years, 6.75%; and for 3 years to less than 5 years, 6.80%. For FDs of maturity between 5 years and up to 10 years, SBI is offering an interest rate of 6.85%.
Latest interest rate on SBI bank FDs across various maturities:
Another state-owned lender, Bank of Baroda, announced a hike in lending rates. “The MCLR has been reviewed at 10 bps above the existing level w.e.f. November 7, 2018," the bank said in a statement. The bank’s latest 1-year MCLR, which is applicable on home loans, is 8.65%. For other tenors - overnight, one month, three months and six months - the rates are 8.15 per cent, 8.20 per cent, 8.30 per cent and 8.50 per cent, respectively.