One of the leading private sector banks in the country revised its interest rates on fixed deposit (FD) rates on Wednesday. ICICI Bank offers term deposit provision for short as well as long term. One can make a deposit for a term between 7 to 10 years with the bank.
The new rates will be effective from Wednesday, 14 August 2019. These are the new FD rates for deposits smaller than Rs 2 crore according to the bank's website.
|Tenure||General Rate (%)||Senior Citizen Rate (%)|
|7 days to 14 days||4.00||4.50|
|15 days to 29 days||4.25||4.75|
|30 days to 45 days||5.25||5.75|
|46 days to 60 days||5.75||6.25|
|61 days to 90 days||5.75||6.25|
|91 days to 120 days||5.75||6.25|
|121 days to 184 days||5.75||6.25|
|185 days to 289 days||6.25||6.75|
|290 days to less than 1 year||6.50||7.00|
|1 year to 389 days||6.70||7.20|
|390 days to||6.80||7.30|
|18 months to 2 years||7.10||7.60|
|2 years 1 day upto 3 years||7.10||7.60|
|3 years 1 day upto 5 years||7.00||7.50|
|5 years 1 day upto 10 years||7.00||7.50|
|5 Years Tax saver FD (Max upto Rs 1.5 lakh)||7.00||7.50|
The move comes a week after the Reserve Bank of India cut its key interest rate by an unconventional 35 basis points to 5.40 percent after its monetary policy review. The central bank pushed the commercial banks across the country to make faster transition of the interest rate cuts so that the benefits are received by the people. Cheaper loans are hoped to improve liquidity, push economic activities and help revive the country's slowing economy faster.
While a large number of banks have cut their lending rates, there will be a cut in fixed deposit rates as well.