ICICI Bank Hikes Rates By 25 Bps

ICICI Bank will offer interest rate of 2.75 per cent to 6.10 per cent on FDs to its customers

ICICI Bank has increased the interest rates of fixed deposits by 25 basis points on FDs of less than Rs 2 crore. The new rates have come into effect from September 26, 2022. With this, ICICI Bank will offer interest rate of 2.75 per cent to 6.10 per cent on FDs to its customers. These interest rates will be given on FDs with maturities of 7 days to 10 years. After the increase in the repo rate, there is a bumper increase in the FD rates. Ever since the Reserve Bank has started increasing the repo rate, the FD rates have been increasing continuously.

According to the ICICI Bank website, the interest rate on FDs maturing in 91 days to 120 days, 121 days to 150 days and 151 days to 184 days has been increased by 25 basis points. Earlier the rate of these FDs used to be 3.75 per cent, which has now reached 4 per cent. Apart from this, the interest rates on the rest of the FD schemes will remain as before. Senior citizens are being given 50 basis points more interest on FD scheme than normal depositors.

5.50 per cent interest is being given on FDs of 18 months to 2 years and 6 per cent interest is being given to senior citizens. 5.60 per cent on FDs of 2 years one day to 3 years and 6.10 per cent for senior citizens, 6.10 per cent on FDs of 3 years one day to 5 years and 6.60 per cent for senior citizens, 5.90 per cent for 5 years one day to 10 years and 5.90 per cent for senior citizens 6.60 per cent, 5.10 per cent interest is being given on FDs of more than 5 years and 5.60 per cent interest is being given to senior citizens. Tax deduction up to Rs 1.5 lakh can be availed on this FD under section 80C.