ICICI Bank and Axis Bank Raise Rates On Bulk Deposits

Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    After SBI and PNB hiked rates on their bulk deposits by 100 and 50 basis points to 5.25% and 5% respectively, private-sector lenders including ICICI and Axis bank on Wednesday have revised interest rate on bulk deposits over Rs. 1 crore higher. 1 basis point is one-hundredth of a percentage point.

    On deposits over Rs. 1 crore and upto Rs. 100 crore and maturing between 365-389 days, ICICI bank raised interest by 10 bps to 6.6%. While for deposits over 100 crore and with maturity between 1 year and 389 days, the bank slashed rates from 6.75% to 6.6%.


    Read more on India may now be at the end of rate cut cycle, here.

    Axis bank on the other hand raised deposit rates on bulk deposits of more than Rs. 1 crore and with maturity between 4 months or more by 15-25 basis points. With revised rates, bulk deposits with a term of 12 and 18 months will now fetch 6.75% return in comparison to 6.6%. Deposits with longer maturity term will earn 6.25% interest per annum.


    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more