Banking Business News

ICICI Bank Hikes Fixed Deposit Interest Rate August 19, 2022

ICICI Bank Hikes Fixed Deposit Interest Rate August 19, 2022
Written by Zimmy

ICICI Bank Hikes Fixed Deposit Interest Rate August 19, 2022: ICICI Bank following other state-owned and privately owned banks has increased fixed deposit rates. The revised rates go into effect today i.e. August 19, 2022.

According to the bank’s website, customers with regular deposits of less than 2 crores. 2 crores on the rate hike will get more money back by up to 40bps on the tenure they choose. 1 bps is one-hundredth an % point.

Following the FD rate increase, ICICI Bank Fds of maturities ranging from 1 to 2 years now have the possibility of earning 5.5 percent as compared to the previous 5.35 percent which is an improvement of 0.15 percent or 15bps. FD with a duration that spans from 2 years from 1 day to 3 years is expected to now offer 5.6 percent, as opposed to 5.5 percent earlier.

The term runs from 3 Years 1 Day up to 5 years. Bank raised rates on FDs in the largest amount of 0.4 percent, or 40 bps, to 6.1 percent from 5.7 percent earlier. Additionally, for an FD maturing between five years and one day up to 10, the institution will provide the customer a 5.9 percent rate. In the past, for the same duration, the private-run bank provided a 5.75 percent return.

Therefore, after the most recent revision, seniors will receive a refund of 3.25 percent to 6.6 percent…

Here are the new ICICI Bank FD rates w.e.f. August 19, 2022

Interest rates (percent per annum) w.e.f. Aug 19, 2022
Maturity Period A single deposit of less than ₹20.0 million
General Senior Citizen
7 days to 14 days 2.75% 3.25%
15 days to 29 days 2.75% 3.25%
30 days to 45 days 3.25% 3.75%
46 days to 60 days 3.25% 3.75%
61 days to 90 days 3.25% 3.75%
91 days to 120 days 3.75% 4.25%
121 days to 150 days 3.75% 4.25%
151 days to 184 days 3.75% 4.25%
185 days to 210 days 4.65% 5.15%
211 days to 270 days 4.65% 5.15%
271 days to 289 days 4.65% 5.15%
290 days to less than 1 year 4.65% 5.15%
1 year to 389 days 5.50% 6.00%
390 days to 5.50% 6.00%
15 months to 5.50% 6.00%
18 months to 2 years 5.50% 6.00%
2 years 1 day to 3 years 5.60% 6.10%
3 years 1 day to 5 years 6.10% 6.60%
5 years 1 day to 10 years 5.90% 6.60%
5 Years (80C FD) – Max to 1.50 lac 6.10% 6.60%

Notably, before the FD rate increase of ICICI Bank, a couple of banks from both the private and public sectors like Small Finance Bank have hiked FD rates. This includes SBI, Indian Overseas Bank, Central Bank of India, HDFC Bank, Kotak Mahindra Bank, Axis Bank, Yes Bank, and IDFC First Bank among others.

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