ICICI Bank raises interest rates on fixed deposits after RBI rate hike; Check FD rates

ICICI Bank fixed deposit interest rates: A few days after raising interest rates on fixed deposits for certain mandates, private lender ICICI Bank has once again revised its FD rates. It comes a day after the Reserve Bank of India, or RBI, raised repo rates by 0.40% or 40 basis points, to tackle rising inflation in the country amid factors such as geopolitical tensions and supply shortages. ICICI Bank FD interest rates were raised by up to 25 basis points, or 0.25%, the bank said in a notification.

The new FD rates will take effect from May 5, Thursday. It is applicable on deposits above Rs 2 crore and up to Rs 5 crore at ICICI bank. The rise in ICICI Bank FD interest rates is a direct result of the RBI raising its repo rates. In line with ICICI Bank FD’s new interest rates, terms up to 90 days will be hiked by 25 basis points; for terms of 271 days to less than one year, there is an increase in the FD rate of 20 basis points; for other terms up to two years, there is a 15 basis point increase in ICICI Bank FD rates.

Here are the revised interest rates on fixed deposits above Rs 2 crore up to Rs 5 crore at ICICI Bank from 5 May 2022:

7 days to 14 days: For the general public – 2.75%; For seniors – 2.75%

15 days to 29 days: For the general public – 2.75%; For seniors – 2.75%

30 days to 45 days: For the general public – 3.00%; For seniors – 3.00%

46 days to 60 days: For the general public – 3.00%; For seniors – 3.00%

61 days to 90 days: For the general public – 3.25%; For seniors – 3.25%

91 days to 120 days: For the general public – 3.50%; For seniors – 3.50%

121 days to 150 days: For the general public – 3.50%; For seniors – 3.50%

151 days to 184 days: For the general public – 3.50%; For seniors – 3.50%

185 days to 210 days: For the general public – 3.75%; For seniors – 3.75%

211 days to 270 days: For the general public – 3.75%; For seniors – 3.75%

271 days to 289 days: For the general public – 4.00%; For seniors – 4.00%

290 days to less than 1 year: For the general public – 4.00%; For seniors – 4.00%

1 year to 389 days: For the general public – 4.50%; For seniors – 4.50%

390 days to less than 15 months: For the general public – 4.50%; For seniors – 4.50%

15 months to less than 18 months: For the general public – 4.60%; For seniors – 4.60%

18 months to 2 years: For the general public – 4.65%; For seniors – 4.65%

2 years 1 day to 3 years: For the general public – 4.75%; For seniors – 4.75%

3 years 1 day to 5 years: For the general public – 4.80%; For seniors – 4.80%

5 years 1 day to 10 years: For the general public – 4.80%; For seniors – 4.80%

More banks are expected to follow suit after ICICI Bank FD raised interest rates.

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Leslie M. Gill