ICICI Bank hikes bulk FD rates up to 7.15% effective from today

ICICI Bank has announced a rise in interest rates on bulk fixed deposits of ₹2 Cr to less than ₹5 Cr in response to the rising interest rates on fixed deposits. For bulk deposits scheduled for 7 days to 10 years or longer, ICICI Bank is now giving interest rates ranging from 4.75% to 6.75%. ICICI Bank is now providing its customers with a maximum interest rate of 7.15% on deposits with a term of one to two years. According to the bank's official website, the higher interest rates took effect as of today, February 23, 2023.

ICICI Bank Bulk FD Rates

The bank is currently giving an interest rate of 4.75% on bulk fixed deposits that mature in 7 to 29 days, and an interest rate of 5.50% on bulk fixed deposits that mature in 30 to 45 days. Now, ICICI Bank will charge 5.75% interest for deposits held for 46 to 60 days and 6.00% interest for deposits held for 61 to 90 days. Deposits maturing in the next 91 to 184 days will now earn 6.50% interest, while those maturing in the next 185 to 270 days will now earn 6.65% interest.

ICICI Bank is currently giving an interest rate of 6.75% on bulk fixed deposits that mature in 271 days to less than a year, and a rate of 7.15% on those that mature in a year to two years. A 7.00% interest rate will be levied on deposits maturing in 2 years, 1 day to 3 years, and a 6.75% interest rate will be imposed on deposits maturing in 3 years, 1 day to 10 years.

Meanwhile, private sector banks, Yes Bank and HDFC Bank, have recently hiked interest rates on fixed deposits of less than ₹2 Cr. The interest rates offered by HDFC Bank for terms between 7 days and 10 years range from 3% to 7.10% for the general public and from 3.50% to 7.60% for senior persons. The new interest rates on term deposits from HDFC Bank are effective as of February 21, 2023.

Regular customers will receive a maximum interest rate of 7.10% on deposits with tenors of 15 months to 18 months, and senior citizens will receive a maximum interest rate of 7.75% on deposits with tenors of 5 years, 1 day to 10 years. Yes Bank made an announcement of fixed deposit rate hike on 21st February 2023. For deposits maturing in 7 days to 10 years, YES Bank offers interest rates ranging from 3.75% to 7.75% and from 3.25% to 7.00% for the general public. With the statement issued on February 21, 2023 by Yes Bank, the general public will get a maximum interest rate of 7.50% on deposits with tenors of 15 months to 36 months, while senior individuals may earn 8.00%.

On February 8th, the RBI announced a 25 basis point increase in the repo rate, which is presently 6.5%; as a result, almost all banks raised their interest rates on fixed deposits under ₹2 crore.