After HDFC Bank and SBI, ICICI Bank revises interest rates for Fixed deposits

With effect from today, the ICICI Bank's interest rates on deposits from 46 days to ten years have been hiked by up to 60 basis points.

Published on: Dec 16, 2022, 16:40:27 IST

By HT News Desk | Written by Aryan Prakash

Prefer HTon Google

Share via

Copy link

ICICI Bank on Friday announced it has increased interest rates on fixed deposits less than ₹2 crore. With effect from today, the interest rates on deposits from 46 days to ten years have been hiked by up to 60 basis points. The general public are offered an interest rate of seven per cent while the senior citizens will get an interest rate of 7.50 per cent, the private lender announced on its website.

The deposits maturing in seven to 29 days will have an interest rate of three per cent while those maturing in 30 to 45 days have an interest rate of 3.50 per cent. The private lender has hiked the interest rates on the deposits attaining maturity in 46 days to 60 days by 25 basis points i.e 3.75 per cent to four per cent.

The bank has increased interest rates on the deposits which mature in 61 days to 90 days from 4.25 per cent to 4.50 per cent.

Here are the interest rates for deposits maturing in other time periods:

91-184 days: 4.75%

185-289 days: 5.50%

290-less than 1 year: 5.75%

1 year-15 months: 6.60%

15 months-2 years: 7%

2 years 1 day- 3 years: 7%

3 years 1 day- 5 years: 7%

5 years 1 day-10 years: 6.90%

The bank has said it will be offering additional interest rates of 0.10 per cent on the fixed deposits to senior citizen customers. This is in addition to the additional interest rate of 0.50 per cent per annum under the ICICI Bank Golden Years FD, which is from May 20, 2020 to April 7, 2023. The tenture ranges from five years and a day to ten years.

The ICICI Bank's increase in fixed deposit rates comes days after another private lender HDFC Bank also raised its interest rate for fixed deposits less than ₹2 crore.

The State Bank of India had also hiked its interest rates on December 13.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Icici Bank

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.