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ICICI Bank Cuts FD Interest Rates By Upto 0.5% Starting 11 May
With effect from 11 May, the interest rate offered on fixed deposits (FDs) at ICICI Bank will be lowered by 25 to 50 basis points.
ICICI Bank FD interest rates with effect from 11 May 2020 for deposits less than Rs 2 crore and with premature withdrawal facility:
| Tenure | General interest rates (%) | Senior citizen interest rates (%) |
|---|---|---|
| 7 days to 14 days | 3.25 | 3.75 |
| 15 days to 29 days | 3.50 | 4.00 |
| 30 days to 45 days | 3.75 | 4.25 |
| 46 days to 184 days | 4.25 | 4.75 |
| 185 days to 289 days | 4.75 | 5.25 |
| 290 days to less than 1 year | 5.25 | 5.75 |
| 1 year to less than 18 months | 5.70 | 6.20 |
| 18 months to upto 10 years | 5.75 | 6.25 |
After RBI's (Reserve Bank of India) significant repo rate cut in the latest monetary policy meet, lenders, both public and private, have been reducing their interest rate offered on deposits, to make up for the liquidity needs.
Last week, State Bank of India (SBI) announced cuts in lending rates and also retail deposit interest rates, that will be effective from 12 May. The public sector bank also announced a special FD scheme for senior citizens that will fetch them 0.3 percent higher interest than normal.
In order to push growth in the economy and provide liquidity amid the coronavirus crisis to businesses as well as individuals, the central bank had made a massive cut of 0.75 percent in its repo rate cut to 4.40 percent on 27 March. It is also the lowest rate ever, even lower than the previous seen low of 4.74 percent in April 2009, during the Global Financial Crisis.
