A private sector lender, ICICI Bank, raised its interest rates on fixed deposits worth more than $2 million to $5 million. On August 26, 2022, the new rates will take effect, according to the bank’s official website. Starting today, the bank will provide fixed deposit interest rates ranging from 3.50% to 5.90% for maturities of 7 days to 10 years.
Interest rates for Fixed Deposits
The bank will now give an interest rate of 3.50% on fixed deposits maturing in 7 days to 29 days, while ICICI Bank will also offer an interest rate of 3.60% on term deposits maturing in 30 days to 45 days. Fixed deposits with maturities between 46 and 60 days now offer an interest rate of 4.00%, while term deposits with maturities between 61 and 90 days now offer a rate of 4.75%. On fixed deposits maturing between 91 and 184 days, ICICI Bank will now pay an interest rate of 5.25%, and on deposits maturing between 185 and 270 days, 5.40%.
ICICI Bank will now offer an interest rate of 5.60% on fixed deposits maturing in 271 days to less than a year, and a rate of 6.05% on term deposits maturing in a year to five years. The interest rate for fixed deposits maturing in 5 years, 1 day to 10 years is now 5.90%.
ICICI Bank has cited on its website that “Now you can invest in ICICI Bank’s Fixed Deposits through the digital and branch channel for a fixed tenure, as per your convenience. You can multiply your savings with high FD interest rates through an ICICI Bank FD.”
“With the current uncertainty and highly volatile market, you can always rely on ICICI Bank’s Fixed Deposits for assured and guaranteed returns. An ICICI Bank FD is one of the safest FDs and rated as “AAA”, beating any competition with ease,” ICICI Bank has said on its website.
ICICI Bank recently increased the interest rates on fixed deposits under 2 Cr on August 19, 2022. The bank raised interest rates on fixed deposits with maturities ranging from one year to ten years as a result of the modification. The highest interest rate offered by ICICI Bank for fixed deposits maturing in 3 years, 1 day to 5 years is 6.10% for non-senior residents and 6.60% for senior persons.
