Home / Industry / Banking /  ICICI Bank hikes bulk FD rates with up to 7.15% on tenor of 15 months to 2 years

The private sector lender ICICI Bank hikes interest rates on bulk fixed deposits (FDs) of 2 Cr to less than 5 Cr. Following the modification, the bank is now providing interest rates on deposits with terms ranging from 7 days to 10 years, with a range of 4.50% to 6.75%. The maximum return that customers can now receive from ICICI Bank on their bulk deposits with a term of 15 months to 2 years is 7.15%. On February 7, 2023, these interest rates will go into effect, according to the bank's official website.

ICICI Bank Bulk FD Rates

The bank is currently giving an interest rate of 4.50% on deposits maturing in the next 7 to 29 days, and 5.25% on deposits maturing in the next 30 to 45 days, according to ICICI Bank. ICICI Bank is now offering interest rates of 5.50% on deposits maintained for 46 to 60 days and 5.75% on deposits held for 61 to 90 days. Bulk deposits with maturities between 91 and 184 days will now pay 6.25% interest, and deposits with maturities between 185 and 270 days will now pay 6.50% interest.

On deposits maturing in 271 days to less than 1 year, the bank is now offering an interest rate of 6.65% and for those maturing in 1 year to 15 months, ICICI Bank will now promise an interest rate of 7.10%. On a deposit tenor of 15 months to 2 years, ICICI Bank is promising a maximum return of 7.15% and on a deposit tenor of 2 years 1 day to 3 years customers will now get an interest rate of 7.00% on their bulk deposits.

Deposits maturing in 3 years 1 day to 10 years will now fetch an interest rate of 6.75%. For new ICICI Bank fixed deposits as well as renewals of existing or current fixed deposits, these updated fixed deposit interest rates will be in effect.

ICICI Bank Bulk FD Rates
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ICICI Bank Bulk FD Rates (icicibank.com)

Meanwhile, public sector lender Indian Bank has also hiked its interest rates on bulk fixed deposits of Rs.2 Crs to Rs.5 Crs with effect from today i.e. 07.02.2023. The bank increased interest rates on deposits with a term of 30 to 45 days by 100 basis points, from 5% to 6%. Indian Bank is now giving a maximum return of 6.70% on bulk fixed deposits that mature in a year. Only new deposits and the renewal of maturing accounts are subject to the adjusted interest rates on domestic term deposits.

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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