ICICI Bank has revised interest rates on fixed deposits for the first time this financial year. This comes after the Reserve Bank of India (RBI) cut interest rates by 25 basis points in the Monetary Policy Committee (MPC) meeting. ICICI Bank tweaked interest rates on some select maturities with effect from 17 June 2019. On FDs with maturity of 7-45 days, the rate of interest remains unchanged at 5.50%, according to the bank’s website.
ICICI Bank offers short-term FDs ranging from seven days to 289 days and long-term FDs ranging from one to ten years.
For FDs with maturity of 46-184 days, the bank has increased the interest rate from 6.25% to 6.60%. For FDs maturing in 185-289 days, the bank has kept the rate unchanged at 6.50%. For FDs of 290 days to less than 1 year, which were earlier fetching an interest rate of 6.40%, will now give you 6.75% interest rate.
On FDs maturing in 2-3 years, the bank has increased the interest rate from 7.3% to 7.5%. For the long term fixed deposits, the bank has kept the interest rates unchanged. ICICI Bank is offering a 7.25% interest rate on FDs maturing between three years and five years. On FDs maturing between five years and 10 years, ICICI Bank offers an interest rate of 7%.
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Senior citizens will continue to get an additional rate of interest of 0.5 per cent on their deposits.
Earlier, country’s largest lender State Bank of India (SBI) had revised interest rates on its fixed deposits (FDs) on some select maturities, with effect from 9 May 2019. On deposits which are 1 year to less than 2 year, the rate of interest has been increased from 6.8% to 7% according to the SBI website. But across many other maturities SBI has lowered interest rates.
Bank fixed deposits (FDs) are an excellent means to grow your money over a period of time. Generally, interest rates on FDs are higher than interest rates on savings accounts.
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