ICICI Bank raises fixed deposit rates by 10 bps on deposits below Rs 3 crore

ICICI Bank has raised the interest rate on its fixed deposits (FDs). The bank has increased the rate on term deposits of less than Rs 3 crore by 10 basis points (0.10 per cent). The increase has been made mainly on select longer-tenure deposits.

After the change, the FD rate for senior citizens is now 7.20 per cent. The maximum rate for general depositors is 6.60 per cent.

On deposits of two years and one day to three years, the bank has raised the rate from 6.45 per cent to 6.55 per cent. A depositor placing money for this tenure will earn roughly Rs 100 more a year on an investment of Rs 1 lakh than under the earlier rate. Similarly, an investment of Rs 5 lakh will earn roughly Rs 500 more a year.

For general depositors, the bank has raised the rate on select longer-tenure FDs and tax-saving schemes from 6.50 per cent to 6.60 per cent, an increase of 10 basis points. Deposits of three to 10 years will now earn 6.60 per cent instead of 6.50 per cent. The rate on deposits of three years and one day to five years has gone from 6.50 per cent to 6.60 per cent. For deposits of five years and one day to 10 years too, the rate has risen from 6.50 per cent to 6.60 per cent. The rate on tax-saving FDs of up to five years has also been raised from 6.50 per cent to 6.60 per cent.

On shorter tenures, the bank pays 2.75 per cent for 7 to 45 days, 4 per cent for 46 to 90 days and 4.50 per cent for 91 to 184 days. Deposits of 185 days to less than one year earn 5.50 per cent. Deposits of one year to less than 18 months earn 6.25 per cent, and those of 18 months to two years earn 6.30 per cent.

Senior citizens can earn up to 7.20 per cent on eligible ICICI Bank FDs. On deposits of three years and one day to five years, the rate has risen from 7.10 per cent to 7.20 per cent. The rate on the five-year tax-saver FD has also been raised from 7.10 per cent to 7.20 per cent. For deposits of two years and one day to three years, the rate has been raised from 6.95 per cent to 7.05 per cent. On long deposits of five years and one day to 10 years, the rate has been raised from 7.00 per cent to 7.10 per cent.

On shorter tenures, senior citizens get 3.25 per cent on deposits of 7 to 45 days, 4.50 per cent for 46 to 90 days and 5 per cent for 91 to 184 days. Deposits of 185 days to less than one year earn 6 per cent. The rate is 6.75 per cent for one year to less than 18 months and 6.80 per cent for 18 months to two years.