Latest development indicates that ICICI Bank, one of the leading private sector lenders in the country has revised its interest rates on bulk fixed deposits of ₹2 Cr to ₹5 Cr.
The new rates are in effect from January 7, 2023, as per the bank’s official website.
Under this revision, ICICI Bank is now providing interest rates on deposit tenors ranging from 7 days to 10 years that range from 4.50% to 6.75%.
The deposits which mature in 15 months to 2 years have the maximum interest rate at 7.15%.
Revised Interest Rates
With the latest move, ICICI bank is giving an interest rate of 4.50% on deposits that mature in the next 7 to 29 days.
Similarly, the bank is paying an interest rate of 5.25% on deposits that mature in the next 30 to 45 days.
Further, the deposits maturing in 46 days to 60 days, ICICI Bank pays an interest rate of 5.50%.
For the deposits maturing in 61 days to 90 days, the bank now pays an interest rate of 5.75%.
Similarly, the deposits maturing between 91 and 184 days will earn 6.25% interest.
At the same time, deposits maturing between 185 and 270 days will earn 6.50% interest.
Moving ahead, ICICI bank is giving an interest rate of 6.65% on deposits maturing in 271 days to less than a year, further offering an interest rate of 7.10% on deposits maturing in a year and up to 15 months.
The deposits which are maturing in 15 months to 2 years, ICICI Bank is giving an interest rate of 7.15%, while on deposits maturing in 2 years, 1 day to 3 years, the bank is paying an interest rate of 7.00%.
It is noteworthy here that a 6.75% interest rate will be charged on deposits that mature in 3 years, 1 day to 10 years.
Thes interest rates offered by ICICI Bank on fixed deposits under ₹2 Cr are effective as of December 16, 2022.
You can see here that the general public could get a maximum interest rate of 7% on these deposits that mature in 15 months to 5 years.
In case of senior citizens, they will receive a maximum return of 7.50% on deposits that mature in 15 months to 10 years.
India’s annual retail price inflation slowed to 5.88% in November 2022 from 6.77% in October.
Notably, ICICI Bank FD is one of the safest FDs, rated “AAA,” and also outperforming inflation in terms of returns.
