With effect from Wednesday, ICICI Bank has revised its interest rates on domestic, NRO (Non-Resident Ordinary) and NRE (Non-Resident External) fixed deposits. The private-sector lender provides deposit facilities to resident and non-residents for tenures ranging from 7 days to 10 years.
In the latest revision, the interest rates were kept unchanged for tenures less than one year. The highest interest rate is offered for a period of 18 months to 2 years at 6.85 percent. Interest rates for the long term, that is for deposits of 3 years and above were cut by 15 basis points.
ICICI FD rates with effect from 23 October 2019:
|Tenure||General rate of interest (%)||Senior citizen rate of Interest (%)|
|7 days to 14 days||4.00||4.50|
|15 days to 29 days||4.25||4.75|
|30 days to 45 days||5.00||5.50|
|46 days to 184 days||5.50||6.00|
|185 days to 289 days||6.00||6.50|
|290 days to less than 1 year||6.25||6.75|
|1 year to less than 18 months||6.45||6.95|
|18 months to 2 years||6.85||7.35|
|2 years 1 day up to 10 years||6.75||7.25|
|5 Years Tax saver FD(Max up to Rs 1.50 lakh)||6.75||7.25|
The last revision of interest rates on FDs by ICICI Bank was made on 20 September.
Indian banks have been making more frequent reductions in interest rates on deposits as well as advances to reflect the repo rate cuts by the Reserve Bank of India (RBI).
Last week, another leading private sector player, HDFC Bank revised its FD interest rates. The new rates became effective on 17 October.