On fixed deposits under 2 crore, the private sector lender ICICI Bank increased the interest rate.
The interest rate on fixed deposits under Rs 2 crore has increased thanks to ICICI Bank, a private sector lender. The bank's official website states that the new fixed deposit interest rates go into effect on August 19, 2022. The bank raised interest rates on fixed deposits with maturities ranging from one year to ten years as a result of the modification made today. For fixed deposits with maturities ranging from 7 days to 10 years, the bank is now offering interest rates that vary from 2.75% to 5.90% for the general public and from 3.25% to 6.60% for senior citizens. For fixed deposits expiring in 3 years, 1 day to 5 years, ICICI Bank will now offer a maximum interest rate of 6.60% for senior citizens and 6.10% for non-senior citizens.
ICICI Bank's most recent FD rates
On fixed deposits maturing in 7 days to 29 days, the bank will continue to pay interest at a rate of 2.75%, and ICICI Bank will continue to pay interest at a rate of 3.25% on fixed deposits maturing in 30 days to 90 days. The interest rate on fixed deposits with maturities between 91 and 184 days will remain at 3.75%, and the interest rate on term deposits with maturities between 185 and less than a year will remain at 4.65%. At ICICI Bank, the interest rate on fixed deposits with maturities between one and two years has gone up by 15 basis points (bps), from 5.35% to 5.50%.
Interest rates for fixed deposits with maturities ranging from 2 years, 1 day to 3 years were raised by the bank by 10 basis points, from 5.50% to 5.60%. Interest rates on fixed deposits maturing in 3 years, 1 day to 5 years increased by 40 basis points (from 5.70% to 6.10%) at ICICI Bank. Fixed deposit interest rates for deposits maturing in 5 years, 1 day to 10 years have increased from 5.75% to 5.90%, a 15 basis point increase. Interest rates on 5-year tax-saving fixed deposits were raised by ICICI Bank by 40 basis points (bps), from 5.70% to 6.10%.
“These revised Fixed Deposit interest rates will be applicable for new ICICI Bank Fixed Deposits and renewal of existing Term Deposits," said ICICI Bank on its website.
Senior citizens will continue to get an extra rate of 0.50% on fixed deposits with maturities between 7 days and 5 years, on top of the standard rate. Additionally, older folks will receive an additional interest rate of 0.20 per cent over and above the current additional benefit of 50 basis points on the ICICI Bank Golden Years FD, which has a duration of 5 years and 1 day to up to 10 years. This unique interest rate is only available for a brief period to older folks. The ICICI Bank Golden Years FD is good until October 7, 2022, per the lender's website.
On their website, ICICI Bank stated, “Now you can invest in ICICI Bank’s Fixed Deposits through the digital and branch channel for a fixed tenure, as per your convenience. You can multiply your savings with high FD interest rates through an ICICI Bank FD."
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