ICICI Bank raises interest rates on fixed deposits by up to 25 basis points; Details

Private sector lender ICICI Bank has raised its interest rates by up to 25 basis points (bps) on term deposits. The revised interest rates came into effect from Friday, September 30 and will apply to deposits below Rs 2 crore. ICICI Bank will now offer interest rates between 3% and 6.10% for the term, depending on the term, between 7 days and 10 years.

The move comes at a time when the country is witnessing a tight monetary policy regime. Banks raised interest rates on loans and deposits as part of the policy pass-through. On Friday, the RBI raised the repo rate a further 50 basis points to 5.9%.

Here are the revised interest rates on fixed deposits below Rs 2 crore at ICICI Bank as of 30 September 2022:

7 days to 14 days: For the general public – 3.00%; For seniors – 3.50%

15 days to 29 days: For the general public – 3.00%; For seniors – 3.50%

30 days to 45 days: For the general public – 3.50%; For the elderly – 4.00 percent

46 days to 60 days: For the general public – 3.50%; For the elderly – 4.00 percent

61 days to 90 days: For the general public – 3.50%; For the elderly – 4.00 percent

91 days to 120 days: For the general public – 4.25%; For the elderly – 4.75%

121 days to 150 days: For the general public – 4.25%; For the elderly – 4.75%

151 days to 184 days: For the general public – 4.25%; For the elderly – 4.75%

185 days to 210 days: For the general public – 4.90%; For seniors – 5.40%

211 days to 270 days: For the general public – 4.90%; For seniors – 5.40%

271 days to 289 days: For the general public – 4.90%; For seniors – 5.40%

290 days to less than 1 year: For the general public – 4.90%; For seniors – 5.40%

1 year to 389 days: For the general public – 5.70%; For seniors – 6.20%

390 days to less than 15 months: For the general public – 5.70%; For seniors – 6.20%

15 months to less than 18 months: For the general public – 5.70%; For seniors – 6.20%

18 months to 2 years: For the general public – 5.70%; For seniors – 6.20%

2 years 1 day to 3 years: For the general public – 5.80%; For seniors – 6.30%

3 years 1 day to 5 years: For the general public – 6.10%; For seniors – 6.60%

5 years 1 day to 10 years: For the general public – 6.00%; For the elderly – 6.60%.

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Leslie M. Gill