ICICI Bank revises bulk FD rates, new interest rates are effective as of today
2 min read . Updated: 07 Dec 2022, 02:54 PM IST
Premium- ICICI Bank, one of the leading private sector lenders, has revised the interest rate on bulk fixed deposits for deposits of more than ₹2 crore and less than ₹5 crore.
ICICI Bank, one of the leading private sector lenders, has revised the interest rate on bulk fixed deposits for deposits of more than ₹2 crore and less than ₹5 crore. According to the bank's official website, the new rates will take effect on December 7, 2022. Following the revision, the bank is currently providing an interest rate on deposits that mature in 7 days to 10 years that ranges from 4.00% to 6.50%. This ICICI Bank interest rate adjustment followed the RBI's announcement of a 35 basis point increase in the repo rate. As a result, the policy repo rate rose to 6.25%, which is the highest level since August 2018.
ICICI Bank Bulk FD Rates
The bank now offers an interest rate of 4.00% on deposits that mature in the next 7 to 29 days and 4.75% on deposits that mature in the next 30 to 45 days. Current interest rates offered by ICICI Bank are 5.00% for deposits maturing in 46 to 60 days and 5.50% for deposits maturing in 61 to 90 days. Deposits that mature between 91 and 184 days will earn interest at a rate of 5.75%, while deposits that mature between 185 and 270 days will earn interest at a rate of 6.00%.
On deposits maturing in 271 days to less than 1 year, the bank is offering an interest rate of 6.25% and on those maturing in 1 year to 15 months, ICICI Bank is offering an interest rate of 6.75%. Current interest rates offered by ICICI Bank are 6.80% for deposits maturing in 15 months to 3 years and 6.50% for deposits maturing in 3 years, 1 day to 10 years.
On November 16, 2022, ICICI Bank last modified its interest rates for deposits under ₹2 crore. For senior residents (those over 60 years old), ICICI Bank provides interest rates as high as 7.10% p.a., and for non-senior citizens, up to 6.60% p.a.
Depositors may count on an ICICI Bank FD for assured and guaranteed returns because it is one of the safest FDs and is rated "AAA." For new ICICI Bank Fixed Deposits as well as renewals of current Fixed Deposits, these revised interest rates will be in effect.
The minimum to start a domestic FD is ₹10,000, the minimum to open an NRO or NRE term deposit is ₹25,000 and senior citizen rates are only available for domestic term deposits. In contrast, ICICI Bank employees (including retired employees) would receive an additional 1% in interest on domestic deposits under ₹2 crore.
