Home / Money / Personal Finance /  ICICI Bank revises interest rates on these fixed deposits: Details here

The interest rates on fixed deposits above 2 crore to 5 crore have been revised by the private sector lender ICICI Bank. According to the bank's official website, the new interest rates take effect on August 8, 2022. And new interest rates on these ICICI Bank deposits are implemented following the RBI's 50-bps increase in the repo rate to 5.40 per cent. ICICI Bank is now giving deposits maturing in 7 days to 10 years an interest rate of 3.25 per cent to 5.75 per cent.

ICICI Bank FD Rates

On fixed deposits of more than 2 Cr to 5 Cr maturing in 7 days to 29 days, ICICI Bank will now offer an interest rate of 3.25% and on deposits maturing in 30 days to 45 days the bank will now offer an interest rate of 3.35%. Fixed deposits maturing from 46 days to 60 days will now offer an interest rate of 3.65% and term deposits maturing from 61 days to 90 days will now offer an interest rate of 4.50%. ICICI Bank will now offer an interest rate of 5.00% on deposits maturing from 91 days to 184 days, and the bank will now offer an interest rate of 5.25% on deposits maturing from 185 days to 270 days. The bank will now give an interest rate of 5.50 per cent on fixed deposits maturing in 271 days to less than a year, and a maximum interest rate of 5.75 per cent on term deposits maturing in 1 year to ten years.

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

Analysts anticipated that the latest repo rate increase by the Reserve Bank of India (RBI) of 50 basis points to 5.40 per cent will lead to further interest rate hikes on banks' loan and deposit products. Meanwhile, Canara Bank has hiked interest rates on fixed deposits of less than 2 Cr and Bandhan Bank has hiked interest rates on savings accounts. The newly increased interest rates for Canara Bank fixed deposits went into effect on August 8th, 2022. As a result of the modification, the bank added a new tenure of 666 days, for which it is offering a maximum interest rate of 6%. The interest rate on savings accounts with daily balances of more than 1 lakh and up to 10 lakh, meanwhile, has increased by 100 basis points from 5 per cent to 6 per cent at Bandhan Bank.

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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