Recently, the Reserve Bank of India has once again raised the key lending rate by 50 basis points to 5.40% on August 5, 2022. This is the third rise in a row in the repo rate to control the surging inflation that continues to remain above the upper end of the RBI's target in 2022.
Soon after RBI's hike in repo rate, many leading private and public banks decide to raise fixed deposit interest rates to make them more attractive.
Now leading private bank ICICI has also hiked its fixed deposits interest rates deposits between Rs 2 crore and Rs 5 crore. The new rates have become effective beginning today i.e. August 9, 2022.
As per the latest rates, general public can now fetch 3.25% and senior citizen can get the same interest rate for FDs for the tenor of 7 days to 29 days. For FDs for the tenor of 30 days to 45 days, the interest rate is 3.35% for both citizens.
FDs maturing in 46 days to 60 days will offer an interest rate of 3.65%.
FDs for the tenor of 290 days to 1 year will now offer 5.50% interest rate for both general and senior citizens. FDs for the tenure of 1 year to 10 years will offer an interest rate of 5.75% for both general and senior citizens.
Check the table below for more detail about the interest rates available on fixed deposits:
|Maturity Period||Interest rates (per cent per annum) w.e.f. Aug 09, 2022|
|Single deposit of ₹20.0 mn & above but less than 50.0 mn|
|7 days to 14 days||3.25%||3.25%|
|15 days to 29 days||3.25%||3.25%|
|30 days to 45 days||3.35%||3.35%|
|46 days to 60 days||3.65%||3.65%|
|61 days to 90 days||4.50%||4.50%|
|91 days to 120 days||5.00%||5.00%|
|121 days to 150 days||5.00%||5.00%|
|151 days to 184 days||5.00%||5.00%|
|185 days to 210 days||5.25%||5.25%|
|211 days to 270 days||5.25%||5.25%|
|271 days to 289 days||5.50%||5.50%|
|290 days to less than 1 year||5.50%||5.50%|
|1 year to 389 days||5.75%||5.75%|
|390 days to||5.75%||5.75%|
|15 months to||5.75%||5.75%|
|18 months to 2 years||5.75%||5.75%|
|2 years 1 day to 3 years||5.75%||5.75%|
|3 years 1 day to 5 years||5.75%||5.75%|
|5 years 1 day to 10 years||5.75%||5.75%|
|5 Years (80C FD) - Max to 1.50 lac||NA||NA|
ICICI Bank is a leading private sector bank in India. The Bank's consolidated total assets stood at Rs. 14.76 trillion at September 30, 2020. ICICI Bank currently has a network of 5,418 branches and 13,383 ATMs across India. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium-term and long-term project financing to Indian businesses.