ICICI Bank revises bulk FD rates, new interest rates are effective from today

The highest interest that ICICI Bank will now offer on deposits with tenors between 15 months and two years is 7.15%.

ICICI Bank Bulk FD Rates

The bank is now giving an interest rate of 4.50% on deposits maturing in 7 days to 29 days, and 5.25% on deposits maturing in 30 days to 45 days. For FDs maturing in the next 46 to 60 days, ICICI Bank is currently giving a rate of 5.50%, and for those maturing in the next 61 to 90 days, a rate of 5.75%. Deposits maturing in the next 91 to 184 days will now earn 6.25% interest, while those maturing in the next 185 to 270 days will now earn 6.50% interest.

The bank is guaranteeing an interest rate of 6.65% on deposits with a term of 271 days to less than a year and an interest rate of 7.10% on deposits with a term of 1 year to 15 months from ICICI Bank. On deposits held for 15 months to two years, ICICI Bank is guaranteeing an interest rate of 7.15%, while on deposits held for two years and one day to 3 years, the bank is promising an interest rate of 7.00%. Deposits with maturities between three years and ten years will now earn interest at a rate of 6.75%.

ICICI Bank Bulk FD Rates (icicibank.com)

Since December 16, 2022, ICICI Bank's interest rates have been in effect for deposits under ₹2 crore. For Senior Citizens above the age of 60, ICICI Bank provides interest rates as high as 7.5% p.a., and for those under the age of 60, up to 7% p.a.

A few lenders, including Indian Overseas Bank, Punjab National Bank, Karnataka Bank, and Fincare Small Finance Bank, have already declared interest rate hikes on fixed deposit and savings account products as of the start of the new year 2023. PNB increased savings account interest rates by 25 basis points on January 1, 2023, while fixed deposit customers can receive hikes of up to 50 basis points on a range of tenors.

On Sunday, Karnataka Bank announced new fixed deposit interest rate revisions. The bank is now offering a maximum interest rate of 7.70% for senior citizens and 7.30% for the general public on deposits with a tenor of 555 days (KBL Centenary Deposit). Indian Overseas Bank raised FD interest rates on short-term deposits with tenors of 7 to 90 days by up to 75 bps, effective as of January 1, 2023. Fincare Small Finance Bank hiked interest rates on savings accounts up to 7.11% with effect from 1 January 2023.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).