ICICI Bank Hikes Interest Rates On Fixed Deposits By 5 Bps (W.e.f. 10.05.2022)

On the 10th of May 2022, ICICI Bank announced a 5 basis point interest rate rise on fixed deposits of Rs 2 crore to Rs 5 crore. According to the bank's official website, interest rates on deposits maturing in 15 months to 10 years have been raised.

ICICI Bank Interest rates on Domestic, NRO & NRE Deposits (Rs 2 Cr to Rs 5 crore)

The bank will continue to offer a 2.75 per cent interest rate on deposits maturing in 7 to 29 days, while the interest rate on deposits maturing in 30 to 60 days will stay at 3.00 per cent. ICICI Bank is currently giving a 3.25 per cent interest rate on deposits due in 61 to 90 days and a 3.50 per cent interest rate on deposits maturing in 91 to 184 days. The interest rate applicable on term deposits maturing from 185 days to 270 days is 3.75 per cent, while the interest rate applicable on deposits maturing from 271 days to less than one year is 4.00 per cent.

The bank will pay 4.50 per cent interest on fixed deposits maturing in 1 year to 389 days and 390 days to less than 15 months. The interest rate on deposits maturing in 15 months to less than 18 months was 4.60 per cent before, but it will now be 4.65 per cent, a 5 basis point increase. Previously, the interest rate on deposits due in 18 months to 2 years was 4.65 per cent, but now it will be 4.70 per cent, a 5 basis point increase. ICICI Bank formerly offered a 4.75 per cent interest rate on deposits maturing in two years and one day to three years, but that rate has now been raised to 4.80 per cent, a hike of 5 bps. ICICI Bank used to give a 4.8 per cent interest rate on term deposits maturing in 3 years 1 day to 5 years and 5 years 1 day to 10 years, but now the rate is 4.85 per cent, a 5 basis point increase.

Maturity Period	General	Senior Citizen
7 days to 14 days	2.75%	2.75%
15 days to 29 days	2.75%	2.75%
30 days to 45 days	3.00%	3.00%
46 days to 60 days	3.00%	3.00%
61 days to 90 days	3.25%	3.25%
91 days to 120 days	3.50%	3.50%
121 days to 150 days	3.50%	3.50%
151 days to 184 days	3.50%	3.50%
185 days to 210 days	3.75%	3.75%
211 days to 270 days	3.75%	3.75%
271 days to 289 days	4.00%	4.00%
290 days to less than 1 year	4.00%	4.00%
1 year to 389 days	4.50%	4.50%
390 days to 15 months	4.50%	4.50%
15 months to 18 months	4.65%	4.65%
18 months to 2 years	4.70%	4.70%
2 years 1 day to 3 years	4.80%	4.80%
3 years 1 day to 5 years	4.85%	4.85%
5 years 1 day to 10 years	4.85%	4.85%
Source: Bank Website. W.e.f. May 10, 2022

Note

Meanwhile, SBI raised interest rates on domestic bulk deposits of Rs 2 crore and above today. SBI will give an interest rate of 3%-4.5 per cent to the general public and 3.5 per cent- 5% to senior citizens on deposits maturing in 7 days to 10 years following the adjustment made on May 10, 2022. For more details, please click here.