Home / Money / Personal Finance /  ICICI Bank hikes FD rates up to 30 bps, offers 7.10% on tenors of 3 to 10 years

The leading private sector lender ICICI Bank has hiked its interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of November 16, 2022. Following the adjustment, the bank increased interest rates by up to 30 bps on a variety of tenors and is now providing interest rates on FDs maturing in 7 days to 10 years ranging from 3.00% to 6.50% for the general public and 3.75% to 6.50% for senior citizens.

ICICI Bank FD Rates

The bank will continue to give a 3.00% interest rate on FDs maturing in the next 7 to 29 days, and a 3.50% interest rate on those maturing in the next 30 to 45 days, according to ICICI Bank. On FDs maturing in 46 days to 60 days and in 61 days to 90 days, respectively, ICICI Bank will continue to offer interest rates of 3.75% and 4.25%. Deposits that mature in 91 days to 184 days and in 185 days to 289 days will continue to earn interest at a rate of 4.50% and 5.25%, respectively. On FDs maturing in 290 days to less than 1 year, the bank will continue to offer an interest rate of 5.50% and on those maturing in 1 year to 15 months, ICICI Bank will continue to offer an interest rate of 6.10%.

ICICI Bank has hiked interest rate by 30 bps from 6.10% to 6.40% on FDs maturing in 15 months to 18 months and the bank has also hiked interest rate by 25 bps from 6.15% to 6.40% on those maturing in 18 months to 2 years. Deposits maturing in 2 years 1 day to 3 years will now fetch an interest rate of 6.50% which is 30 bps higher from 6.20% earlier and those maturing in 3 years 1 day to 5 years will now fetch an interest rate of 6.60% which was earlier 6.35%, a hike of 25 bps. ICICI Bank has hiked interest rate by 25 bps from 6.25% to 6.50% on FDs that mature in 5 years 1 day to 10 years and by 25 bps from 6.35% to 6.60% on those maturing in 5 Years (80C FD).

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

The validity period for the "ICICI Bank Golden Years FD" special fixed deposit programme is in place with effect from October 29, 2022, to April 7, 2023. Tenure options for the ICICI Bank Golden Years FD range from 5 years and 1 day to 10 years. ICICI Bank offers senior citizens an additional rate of 0.50% on fixed-deposits (FDs) maturing in 7 days to less than 5 years, but under the ICICI Bank Golden Years FD, resident senior citizen customers will receive an additional interest rate on an FD of 0.10% over and above the existing additional rate of 0.50% per year. For recurring deposits (RDs) with terms between six months and ten years, ICICI Bank will now provide standard interest rates between 4.50 per cent and 6.60 per cent, with senior citizens earning between 5 percent and 7.10 percent.

ABOUT THE AUTHOR

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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