ICICI Bank revises bulk FD rates effective from today, promising up to 7.25% on these tenures
2 min read 20 May 2023, 02:49 PM ISTICICI Bank has revised its interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to less than ₹2 Cr.
PremiumICICI Bank has revised its interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to less than ₹2 Cr. Following the change, the bank now offers interest rates ranging from 4.75% to 6.75% on terms ranging from 7 days to 10 years. Deposits maturing in one year to fifteen months now have a maximum return of 7.25%. According to the bank's official website, the new bulk FD rates are effective today, May 20, 2023.
ICICI Bank Bulk FD Rates
On deposits maturing in 7 days to 29 days, the bank is offering an interest rate of 4.75% and on those maturing in 30 days to 45 days, ICICI Bank is offering an interest rate of 5.50%. ICICI Bank is offering an interest rate of 5.75% on a deposit tenor of 46 days to 60 days and an interest rate of 6.00% on a deposit tenor of 61 days to 90 days. Deposits maturing in 91 days to 184 days will now fetch an interest rate of 6.50% and those maturing in 185 days to 270 days will fetch an interest rate of 6.65%.
On bulk deposits maturing in 271 days to less than 1 year, the bank is offering an interest rate of 6.75% and on those maturing in 1 year to 15 months, ICICI Bank is now offering an interest rate of 7.25%. ICICI Bank is now offering an interest rate of 7% on a deposit tenor of 15 months to 2 years and an interest rate of 6.75% on those maturing in 2 years 1 day to 10 years.
The bank's consolidated net income was ₹53,922.75 Cr in Q4FY23, up 25.88% year on year from ₹42,834.06 Cr in Q4FY22. ICICI Bank reported net expenses of ₹38,716.56 Cr for the quarter ending March 2023, compared to ₹31,306.02 Cr in the same period of the previous fiscal year.
During the quarter under review, the bank's operating profit (profit before provisions and contingencies) was ₹15,206.19 Cr, up 31.90% year on year from ₹31,306.02 Cr in the same quarter of FY22. ICICI Bank's consolidated net profit was ₹9,122 Cr in Q4FY23, up 30% from ₹7018.71 Cr in Q4FY22. In Q4FY23, ICICI Bank's EPS was ₹13.84, up from ₹10.88 in Q4FY22.
ICICI Bank said that total deposits increased 10.9% year on year to ₹1,180,841 crore for the March 31, 2023 quarter, with an average CASA ratio of 43.6%. The domestic loan portfolio increased by 20.5% year on year, while the net NPA ratio fell to 0.48% in Q4FY23, down from 0.55% in Q3FY23.
ICICI Bank said that its gross NPA ratio fell to 2.81% in Q4FY23, down from 3.07% in Q3FY23, and that net non-performing assets fell by 25.9% year on year and 8.8% sequentially to ₹5,155 crore. Net interest income (NII) increased by 40.2% year on year in Q4-2023 to ₹17,667 crore from ₹12,605 crore in Q4-2022.
