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ICICI Bank cuts fixed deposit rate; here's all you need to know

Following is the table on FD rates as per the bank's website:

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ICICI Bank has slashed the fixed deposit (FD) rates across various tenors by up to 50 basis points (bp). The new rates were made effective from May 11.

The customers will now get 5.25% interest on deposits up to one year, while those above one year will earn 5.7% to 5.75%, ICICI Bank said on its website.

Following is the table on FD rates as per the bank's website:

 

Tenure Period Rate of Interest (% p.a.) w.e.f May 11, 2020
General Senior Citizen*
7 days to 14 days 3.25 3.75
15 days to 29 days 3.50 4.00
30 days to 45 days 3.75 4.25
46 days to 60 days 4.25 4.75
61 days to 90 days 4.25 4.75
91 days to 120 days 4.25 4.75
121 days to 184 days 4.25 4.75
185 days to 289 days 4.75 5.25
290 days to less than 1 year 5.25 5.75
1 year to 389 days 5.70 6.20
390 days to < 18 months 5.70 6.20
18 months to 2 years 5.75 6.25
2 years 1 day up to 3 years 5.75 6.25
3 years 1 day up to 5 years 5.75 6.25
5 years 1 day up to 10 years 5.75 6.25
5 Years Tax saver FD (Maximum up to Rs. 1.50 lac) 5.75 6.25
(Table Source: ICICI Website)    

 

The bank reported a 6.91 % growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside over Rs 2,000 crore in provisions for the potential impact of the COVID-19 pandemic over and above RBI's requirements.

On a standalone basis, the second-largest private sector bank's profit grew 26% to Rs 1,221 crore as against Rs 969 crore in the year-ago period.

For the fiscal year 2019-20, it reported a 135% jump in standalone profit to Rs 7,930.81 crore.

 

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