ICICI Bank raises its interest rates by 5 to 10 basis points on FD (Wef 20 April 2022)

Investment

oi-Vipul Das

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ICICI Bank, a private sector lender, has raised interest rates on fixed deposits from Rs 2 Cr to Rs 5 Cr. The bank raised interest rates on such deposits by 10 basis points on April 14, but after a 6-day pause, the bank again raised interest rates by 5 to 10 basis points on deposits maturing between 271 days and 2 years. The interest rate review takes effect today, April 20, 2022.

ICICI Bank will offer an interest rate of 2.50% on deposits maturing in 7-29 days and an interest rate of 2.75% on term deposits maturing in 30-60 days. Deposits maturing between 61 and 90 days will earn an interest rate of 3.00%, while deposits maturing between 91 and 184 days will earn an interest rate of 3.35%. The interest rate on term deposits maturing between 185 and 270 days will be 3.60%. The interest rate on term deposits maturing in 271 days to less than one year was previously 3.7%, but will now be 3.80%, an increase of 10 basis points.

Read also : HDFC Bank conducts interest rate review on FD below Rs. 2 Cr (Wef 20 Apr 2022)

Previously, ICICI Bank offered an interest rate of 4.25% on deposits ranging from 1 year to less than 15 months, but the rate will now be 4.30%, an increase of 5 basis points. Previously, the bank offered an interest rate of 4.30% on deposits with maturities of 15 months to less than 18 months, but this rate has been increased to 4.40%, an increase of 10 basis points, while the interest rate on deposits with maturities of 18 months to 2 years was raised by 10 basis points, from 4.40% to 4.50%. And the bank maintained constant interest rates of 4.60% and 4.70% on deposits with maturities of two years, one day to three years, and three years, one day to ten years.

ICICI Bank FD rate on single deposit from Rs 2 Cr to Rs 5 Cr

Period General The elderly
7 days to 14 days 2.50% 2.50%
15 days to 29 days 2.50% 2.50%
30 days to 45 days 2.75% 2.75%
46 days to 60 days 2.75% 2.75%
61 days to 90 days 3.00% 3.00%
91 days to 120 days 3.35% 3.35%
121 days to 150 days 3.35% 3.35%
151 days to 184 days 3.35% 3.35%
185 days to 210 days 3.60% 3.60%
211 days to 270 days 3.60% 3.60%
271 days to 289 days 3.80% 3.80%
290 days to less than 1 year 3.80% 3.80%
1 year to 389 days 4.30% 4.30%
390 days to less than 15 months 4.30% 4.30%
15 months to less than 18 months 4.40% 4.40%
18 months to 2 years 4.50% 4.50%
2 years 1 day to 3 years 4.60% 4.60%
3 years 1 day to 5 years 4.70% 4.70%
5 years 1 day to 10 years 4.70% 4.70%
Source: icicibank.com. Wef April 20, 2022

Article first published: Wednesday, April 20, 2022, 11:57 a.m. [IST]

Leslie M. Gill