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ICICI Bank Hikes Interest Rates On FDs By 5 Bps (W.e.f. March 30, 2022)
ICICI Bank, a private sector lender, has raised interest rates on fixed deposits of more than Rs 2 crore but less than Rs 5 crore by 5 basis points (bps). On March 30, 2022, the bank raised interest rates on deposits with maturities ranging from one year to ten years. Following the revision on Wednesday, ICICI Bank now provides 4.20 percent on both general public and senior citizens on tenures of 1 year to 389 days and 390 days to less than 15 months, previously, the interest rate was 4.15 percent.
The interest rate on term deposits maturing in 15 months to less than 18 months will be 4.25 percent, up from 4.20 percent before. On deposits maturing in 18 months to 2 years, ICICI Bank now offers a 4.35 percent interest rate, up from 4.30 percent previously. The interest rate on deposits maturing in two years, one day to three years will now be 4.55 percent, up from 4.50 percent before.
The bank will now provide a 4.65 percent interest rate on term deposits maturing in 3 years 1 day to 10 years, up from 4.60 percent before. These new interest rates will apply to new deposits as well as renewals of existing term deposits. On the remaining tenures of 7 days to less than a year, the bank left the interest rate constant. Interest rates on single term deposits of more than Rs 2 Cr to less than Rs 5 Cr are as follows, effective March 30, 2022.
ICICI Bank Interest Rates On Deposits of More Than Rs 2 Cr To Less Than Rs 5 Cr
| Tenors | Regular Interest Rates | Interest rates for senior citizens |
|---|---|---|
| 7 days to 14 days | 2.50% | 2.50% |
| 15 days to 29 days | 2.50% | 2.50% |
| 30 days to 45 days | 2.75% | 2.75% |
| 46 days to 60 days | 2.75% | 2.75% |
| 61 days to 90 days | 3.00% | 3.00% |
| 91 days to 120 days | 3.35% | 3.35% |
| 121 days to 150 days | 3.35% | 3.35% |
| 151 days to 184 days | 3.35% | 3.35% |
| 185 days to 210 days | 3.60% | 3.60% |
| 211 days to 270 days | 3.60% | 3.60% |
| 271 days to 289 days | 3.70% | 3.70% |
| 290 days to less than 1 year | 3.70% | 3.70% |
| 1 year to 389 days | 4.20% | 4.20% |
| 390 days to less than 15 months | 4.20% | 4.20% |
| 15 months to less than 18 months | 4.25% | 4.25% |
| 18 months to 2 years | 4.35% | 4.35% |
| 2 years 1 day to 3 years | 4.55% | 4.55% |
| 3 years 1 day to 5 years | 4.65% | 4.65% |
| 5 years 1 day to 10 years | 4.65% | 4.65% |
| Source: Bank Website |
