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Business News/ Money / Personal Finance/  ICICI Bank raises FD interest rates for large amounts. Check details here
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ICICI Bank raises FD interest rates for large amounts. Check details here

The private lender now offers 7.40 percent on its one-year fixed deposits to both regular and senior citizens on sums over ₹2 crore.

The FD interest rate falls to 7.30 percent when the tenure stretches to a time period between 390 days and 15 months. Photo: Ramesh PathaniaPremium
The FD interest rate falls to 7.30 percent when the tenure stretches to a time period between 390 days and 15 months. Photo: Ramesh Pathania

ICICI Bank has recently raised its fixed deposit (FD) interest rates for large sums that are larger than two crore and less than five crore.

Now the private bank offers 7.40 percent on its one-year fixed deposits to both regular and senior citizens. The new interest rates came into effect on Feb 8, 2024.

Interestingly, the rate of interest falls to 7.30 percent when the FD tenure stretches to a time period between 390 days and 15 months. For tenure between 15 months and two years, the interest rate offered is 7.05 percent.

For tenure between two years and 10 years, the private lender offers 7 percent per annum to general as well as senior citizens. 

For tenure between 7 days and 29 days, the bank offers 4.75 percent. The interest rate increases to 5.75 percent for tenure between 46 days and 60 days. The bank offers 6 percent on deposits that range between 61 days and 90 days. For tenure between 91 days and 184 days, the bank offers 6.50 percent.

For tenure between 185 days and 270 days, the bank offers 6.75 percent. And when the tenure is between 271 days and one year, the interest rate rises to 6.85 percent.

Other banks too raised FD rates

Notably, HDFC Bank raised its fixed deposit interest rates with effect from Feb 9. The private sector bank offers special interest rate of 7.20 percent on a tenure of 35 months and 7.25 percent for 55 months.

ALSO READ: HDFC Bank revises FD interest rates; check latest rates here

IndusInd Bank also revised its interest rates on fixed deposits of less than 2 crore, following which, the bank offers interest rates ranging from 3.50% to 7.75% for the general public and 4% to 8.25% for senior citizens. These rates came into effect on February 6, 2024.

Axis Bank also hiked the fixed deposit interest rates for amounts below 2 crore. The new FD rates became effective from February 5, 2024.

Earlier, the bank had revised interest rates on term deposits on 26th December, 2023, shows the Axis Bank website. 

After the latest revision, Axis Bank offers FD rates of 3.50-7.20% p.a. to the general public on term deposits maturing in seven days to ten years.

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Published: 11 Feb 2024, 11:30 AM IST
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