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ICICI Bank Hikes Interest Rates Once Again, Now This Tenor Offers Highest Rate

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Leading private lender ICICI Bank has once again hiked interest rates on fixed deposit by 5 basis points, according to its official website. The new interest rates have become effective beginning June 22, 2022. This is second hike in interest rate in just 6 days.

 
ICICI Bank Hikes Interest Rates Once Again, Now This Tenor Offers Highest Rate

The hikes in the interest rates have been introduced after Reserve Bank of India hiked the repo rate by 50 basis points to 4.9% in its bi-monthly MPC (Monetary Policy Committee) held on June 8, 2022. RBI had hiked repo rate earlier in May in its unscheduled meet by 40 basis points in an effort to check the soaring inflation.

According to website of ICICI Bank, the interest rates have been revised for single deposit of less than Rs 20 million and for single deposits of Rs 20 million and above but less than Rs 50 million.

Single Deposit of less than Rs 20 million: Now citizens will get a minimum interest rate of 2.75% for deposits maturing in 7 days to 29 days. For these tenors, senior citizens can now fetch an interest rate of 3.25%. Meanwhile, the highest interest rates will now be available for citizens under the tenor of 5 years 1 day to 10 years at 5.75% while senior citizens will get an interest rate of 6.50% for these tenors.

Single deposit Rs 20 million and above but less than Rs 50 million: The minimum interest rate begins at 3.10 interest rate for 7 days to 29 days tenors. Senior citizens will also get similar interest rate for these tenors. The highest interest rate is 5.60% for 2 years to 10 years tenors for both citizens and senior citizens.

Maturity PeriodInterest rates (per cent per annum) w.e.f. June 22, 2022 Interest rates (per cent per annum) w.e.f. June 22, 2022
Single deposit of less than ₹20.0 million Single deposit of ₹20.0 mn & above but less than 50.0 mn
General**Senior CitizenGeneral**Senior Citizen
7 days to 14 days2.75%3.25%3.10%3.10%
15 days to 29 days2.75%3.25%3.10%3.10%
30 days to 45 days3.25%3.75%3.25%3.25%
46 days to 60 days3.25%3.75%3.50%3.50%
61 days to 90 days3.25%3.75%4.00%4.00%
91 days to 120 days3.75%4.25%4.75%4.75%
121 days to 150 days3.75%4.25%4.75%4.75%
151 days to 184 days3.75%4.25%4.75%4.75%
185 days to 210 days4.65%5.15%5.10%5.10%
211 days to 270 days4.65%5.15%5.10%5.10%
271 days to 289 days4.65%5.15%5.25%5.25%
290 days to less than 1 year4.65%5.15%5.25%5.25%
1 year to 389 days5.35%5.85%5.40%5.40%
390 days to 5.35%5.85%5.40%5.40%
15 months to 5.35%5.85%5.40%5.40%
18 months to 2 years5.35%5.85%5.50%5.50%
2 years 1 day to 3 years5.50%6.00%5.60%5.60%
3 years 1 day to 5 years5.70%6.20%5.60%5.60%
5 years 1 day to 10 years5.75%#6.50%5.60%5.60%
5 Years (80C FD) - Max to 1.50 lac5.70%6.20%NANA

Story first published: Wednesday, June 22, 2022, 15:32 [IST]
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