State Bank of India in the gradually rising interest rate regime raised interest rates on deposits even before the key rates saw a hike for the second straight time to 6.5% in the RBI's second monetary policy review meet. Then followed HDFC Bank and now in the latest move, ICICI Bank has also revised interest rates on FD schemes of select tenure higher by few basis points for both general public and senior citizens.
The new rates have come into force from August 14, 2018. Notably, the bank has also raised return on tax-saving 5-year FD deposit scheme for senior citizens by 25 basis points to 7.75%. One-basis point is one-hundredth of a percentage point.
So, the new interest rates on deposits including NRO and NRE deposits of less than Rs. 1 crore with premature withdrawal facility are as reflected in the table below:
|Rate of Interest (% p.a.) w.e.f August 14, 2018||General||Senior Citizen*|
|7 days to 14 days||4.0||4.5|
|15 days to 29 days||4.25||4.75|
|30 days to 45 days||5.5||6.0|
|46 days to 60 days||5.75||6.25|
|61 days to 90 days||6.0||6.5|
|91 days to 120 days||6.0||6.5|
|121 days to 184 days||6.0||6.5|
|185 days to 289 days||6.5||7.0|
|290 days to less than 1 year||6.75||7.25|
|1 year to 389 days||6.75||7.25|
|390 days to 2 years||7||7.5|