ICICI Bank Hikes Interest Rates On Fixed Deposits (W.e.f. May 05, 2022)
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Investment
oi-Vipul Das
ICICI Bank, a private sector lender, has raised interest rates on fixed deposits of more than Rs 2 crore to Rs 5 crore. According to the bank’s official website, the revelation has been made today, May 5th, 2022. Following the modification, interest rates on deposits maturing in 7 days to 29 days have been raised from 2.5 per cent to 2.75 per cent, a 25-basis-point increase. The interest rate on term deposits maturing in 30 days to 60 days has been hiked from 2.75 per cent to 3 per cent, a 25-basis-point increase. The interest rate on fixed deposits maturing in 61 to 90 days has been increased by 25 basis points from 3 per cent to 3.25 per cent.
Fixed deposit interest rates have been raised by 15 basis points (bps) from 3.35 per cent to 3.50 per cent on deposits maturing in 91 days to 184 days, and by 15 basis points (bps) from 3.60 per cent to 3.75 per cent for deposits maturing in 185 days to 270 days. On deposits maturing in 271 days to less than a year, ICICI Bank would now give a rate of 4.00 per cent, up from 3.80 per cent previously, a 20 basis point increase. On term deposits maturing in one year to less than 15 months, the bank now promises an interest rate of 4.50 per cent, up from 4.35 per cent previously, a 15-basis-point increase.
The interest rate on term deposits maturing in 15 months to less than 18 months was previously 4.45 per cent, but it will now be 4.60 per cent, a 15-basis-point increase. The interest rate on deposits maturing in 18 months to 2 years has been raised from 4.60 per cent to 4.65 per cent, and the interest rate on deposits maturing in 2 years 1-day to 3 years has been raised from 4.70 per cent to 4.75 per cent, a climb of 5 basis points each.
ICICI Bank Interest Rates On Single deposit of Rs 2 Cr & above but less than 5 Cr
The following are the interest rates in % per cent per annum for domestic, NRO, and NRE deposits as of May 5, 2022.
| Tenors | General | Senior Citizen |
|---|---|---|
| 7 days to 14 days | 2.75% | 2.75% |
| 15 days to 29 days | 2.75% | 2.75% |
| 30 days to 45 days | 3.00% | 3.00% |
| 46 days to 60 days | 3.00% | 3.00% |
| 61 days to 90 days | 3.25% | 3.25% |
| 91 days to 120 days | 3.50% | 3.50% |
| 121 days to 150 days | 3.50% | 3.50% |
| 151 days to 184 days | 3.50% | 3.50% |
| 185 days to 210 days | 3.75% | 3.75% |
| 211 days to 270 days | 3.75% | 3.75% |
| 271 days to 289 days | 4.00% | 4.00% |
| 290 days to less than 1 year | 4.00% | 4.00% |
| 1 year to 389 days | 4.50% | 4.50% |
| 390 days to less than 15 months | 4.50% | 4.50% |
| 15 months to less than 18 months | 4.60% | 4.60% |
| 18 months to 2 years | 4.65% | 4.65% |
| 2 years 1 day to 3 years | 4.75% | 4.75% |
| 3 years 1 day to 5 years | 4.80% | 4.80% |
| 5 years 1 day to 10 years | 4.80% | 4.80% |
| Source: icicibank.com |
Story first published: Thursday, May 5, 2022, 9:14 [IST]
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