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ICICI Bank hikes interest rates on fixed deposits by 5-10 basis points on above 2 crore to 5 crore on various tenure. The new rates have come into effect from Tuesday onward. The bank raised rates on tenures between 1 year to 2 years.

From today onward, ICICI Bank offers 4.15% each on tenure 1 year to 389 days and 390 days to less than 15 months to both general and senior citizen category. Earlier, the rate of interest was 4.05%.

Further, the bank gives a 4.20% interest rate on tenure above 15 months to less than 18 months compared to the previous 4.10%.

On the above tenures, the interest rate has been hiked by 10 basis points.

While the bank increased interest rate by 5 basis points to 4.30% on tenure above 18 months to less than 2 years against previously offered 4.25%.

The bank kept the interest rate unchanged on the remaining tenures. ICICI Bank continues to offer a 4.6% rate each on 3 years 1 day to 5 years and 5 years 1 day to 10 years tenure. Meanwhile, 3.70% each is offered on tenures between 271 days to less than 1 year.

Moreover, 3.6% is given on tenures between 185 days to 270 days, while 3.35% is applicable on 91 days to 184 days periods. 3% interest rate is offered on 61 days to 90 days tenure.

Additionally, in the short tenure bucket, ICICI Bank gives a 2.75% rate between 30 days to 60 days, and 2.5% rate which is the lowest is offered between 7 days to 29 days tenure.

Notably, these revised interest rates will be applicable for new deposits and renewal of existing term deposits. Also, the maximum aggregate amount that can be invested in the Tax Saver FD (80C FD) under a single PAN is 150,000 and the same cannot be closed prematurely before the expiry of the lock-in period of 5 years.

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