 "ICICI Bank raises FD rates by 30 bps: Know details")
The cycle of increasing interest rates on fixed deposit (FDs) has been continued by various banks since May this year after the Reserve Bank of India (RBI) started raising the repo rate. The latest hike in repo rate by the RBI was reported in September. Some of the banks that have hiked their FD rates are State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank, and IDFC First Bank.
ICICI Bank has also been prompted to hike its FD rates due the rise in repo rate. Recently, the interest rate on FDs has been hiked by the ICICI Bank on selected tenors by 30 basis points (bps) for amounts less than Rs 2 crore. The revised rates came into effect from 16 November.
The new interest rates on FDs maturing in 7 days to 10 years range between 3 percent and 6.5 percent for the general public and 3.5 percent and 7.1 percent for senior citizens.
Know the revised rates:
ICICI Bank has raised the interest rate on FDs maturing in 15 months to 18 months by 30 bps to 6.4 percent. The interest has been hiked by 25 bps on deposits maturing in 18 months to two years from 6.15 percent to 6.4 percent.
FDs maturing in two years one day to three years will get 6.5 percent interest, up by 30 bps from 6.2 percent earlier. Deposits with a maturity period of three years one day to five years will get 6.6 percent interest, up by 25 bps from 6.35 percent.
The interest has been hiked by 25 bps to 6.5 percent on FDs maturing in five years one day to 10 years and by 25 bps to 6.6 percent for deposits maturing in five years.
Other banks that hiked FD rates:
Recently, Axis Bank hiked its interest rate on deposits for amounts below Rs 2 crore across several tenors. The revised rates came into effect from 15 November. Interest rate on FDs with a maturity period of 15 and 18 months have been hiked to 6.4 percent from 6.25 percent.
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