After Axis Bank, State Bank of India, Punjab National Bank (PNB) and HDFC Bank hiked their fixed deposit (FD) interest rates, ICICI Bank also raised its FD rates on Thursday.
The move follows a 50 basis points (bps) hike in the repo rate to 4.90 per cent by the Reserve Bank of India (RBI) last week.
According to the private sector lender’s website, for deposits of less than Rs 2 crore, the bank is now offering an interest rate between 2.75 per cent to 5.75 per cent for tenors from 7 days to 10 years. The rates have been hiked effective from June 16, 2022. Senior citizens will get an additional interest rate benefit of 0.5 per cent over and above the rate offered to other depositors.
Meanwhile, term deposits carrying a maturity of 185 days to less than one year now pay a 4.60 per cent interest rate, whereas, those with a maturity of one year to two years will fetch the depositors 5.30 per cent interest.
For two-year and one-day to three-year FDs, ICICI Bank will now offer a 5.50 per cent interest rate, and a 5.70 per cent interest rate on three-year, one-day to five-year FDs.
For five years, one day to ten years, the lender is offering an interest rate of 5.75 per cent, which is the highest FD rate for the general category. While it stands at 6.50 per cent for senior citizens.
ICICI Bank Golden Years FD Interest Rates
Under ICICI Bank’s term deposit scheme for senior citizens – Golden Years FD, resident senior citizen depositors will get an additional interest rate of 0.25 per cent for a limited period, over and above the existing additional rate of 0.50 per cent per year.
The FD’s tenure is five years one day up to 10 years and is valid up to October 7, 2022. It is applicable on a single FD of less than Rs 2 crore.