ICICI hikes Fixed Deposit interest rates post hike in repo rate

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ICICI Bank raised the Fixed Deposit (FD) interest rates for select tenures starting from the 290 days to less than 1 year tenure. The new interest rates have come into effect on 14 August 2018.

ICICI-Bank
The revised FD rates revealed by ICICI Bank came into effect on 14 August 2018.

The increase in interest rates is from 15 basis points to 25 basis points. One basis point refers to 0.01 per cent.

The Reserve Bank of India (RBI), earlier this month, hiked the repo rate i.e. the rate at which banks borrow from the RBI, the central bank of the country. Following the hike, many banks such as Canara Bank, Punjab National Bank, and HDFC Bank hiked the FD rates. State Bank of India (SBI), on the other hand, hiked the FD rate prior to the revision of the repo rate by RBI.

The interest rates for FDs in ICICI Bank have been raised for the general public as well as senior citizens. Given below are the previous FD interest rates and revised FD interest rates for the domestic, NRE and NRO accounts. The deposit amount for the below-mentioned durations is less than Rs.1 crore and the deposits have a premature withdrawal facility.

 

Duration Previous FD interest rates (per cent) Revised FD interest rates (per cent)
General Senior Citizen General Senior Citizen
290 days to less than 1 year 6.5 7 6.75 7.25
1 year to 389 days 6.6 7.1 6.75 7.25
390 days to 2 years 6.75 7.25 7 7.5
2 years 1 day up to 5 years 7 7.5 7.25 7.75
5 years Tax saver FD (maximum deposit amount: Rs.1.5 lakh) 7 7.5 7.25 7.75

Apart from the interest rates offered by the bank as listed in the table above, the ICICI Bank staff will receive an additional 1 per cent interest rate for domestic fixed deposits with deposit amounts less than Rs.1 crore.

Source: NDTV Profit

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