The private sector lender ICICI Bank increased the interest rates on FDs below Rs 2 crore on Monday. As per the latest announcement, the interest rates on FDs maturing in 290 days to 10 years have been hiked. Now, customers will get an interest rate of 4.50% instead of 4.40% for FDs maturing between 290 days to 365 days.
- For 1 – 2 years, the interest rate is increased from 5% to 5.10%.
- For 2 – 3 years, the interest rate is increased from 5.20% to 5.40%.
- For 3 – 5 years, the interest rate is increased from 5.45% to 5.60%.
- For 5 – 10 years, the interest rate is increased from 5.60% to 5.75%.
For funds worth Rs 1.5 lakhs (5 years and above), the interest rate is increased by 15 basis points to 5.60% instead of 5.45%.
All the interest rates on deposits that have less than 290 days maturing will be the same as before. The interest rates for FDs with tenure of 7 days to 290 days range from 2.50% to 4.40%. Senior citizens will continue to receive a 0.50% additional benefit on deposit tenors of 7 days to 5 years.
ICICI Bank has introduced a new FD scheme known as ICICI Bank Golden Years FD, the interest rate for such FDs is 6.35% for a tenure of 5 years to 10 years. This scheme is up for a limited period that offers an additional 0.10% over and above the existing additional rates of 0.50% per annum. The scheme is available up to October 7, 2022.
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