ICICI Bank revises interest rates of fixed deposits, know new FD rates here
ICICI Bank, one of the country's largest private banks, has changed the interest rates on its Fixed Deposits. The bank has taken this step a week after the RBI has announced a rate cut in interest rates.
ICICI Bank, one of the country's largest private banks, has changed the interest rates on its Fixed Deposits. The bank has taken this step a week after the RBI has announced a rate cut in interest rates. ICICI Bank offers FD from 7 days to 10 years duration, while as far as the interest rates are concerned, the senior citizens get the most interest on ICICI Bank Fds. Apart from this, the bank provides 4% interest on short term deposits ranging from 7 to 14 days.
New interest rates?
From now onwards, ICICI Bank will offer 4.25% interest on FD for 15 to 29 days, while 5.25% on FDs ranging from 30 to 45 days. The bank will provide 5.75% interest on FDs for 46 to 120 days, 6.25% on FDs for 185 to 289 days and 6.5% on FDs from 290 days to 1 year.
New Interest rates on FD:
1. 7 days to 14 days: 4.00% p.a
2. 15 days to 29 days: 4.25% p.a
3. 30 days to 45 days: 5.25% p.a
4. 46 days to 60 days: 5.75% p.a
5. 61 days to 90 days: 5.75% p.a
6. 91 days to 120 days: 5.75% p.a
7. 121 days to 184 days: 5.75% p.a
8. 185 days to 289 days: 6.25% p.a
9. From 290 days to less than 1 year: 6.50% p.a
10. From 389 days to over 1 year: 6.70% p.a
11. From 390 days to less than 18 months: 3.80% p.a
12. 18 months to 2 years: 7.10% p.a
13. 2 years 1 day to 3 years: 7.10% p.a
14. 3 years 1 day to 5 years: 7% p.a
15. 5 years 1 day to 10 years: 7% p.a
16. 5 year tax saver FD: 7% p.a (up to a maximum of Rs 1.50 lakh)
SBI has already reduced interest rates on FD
The country's largest bank State Bank of India (SBI) has already cut its benchmark lending rates by 15 BPS (basis points) last week. Earlier, the RBI had cut key interest rates by more than 35 bps to boost the economy. Now the SBI's one-year marginal cost of fund-based interest rates (MCLR) has come down from 8.40 per cent to 8.25 per cent since August 10.
Earlier, the State Bank had reduced the interest rate on all term deposits from 1 August. SBI had said that in view of falling interest rate and good liquidity, interest rates have been revised on Retail FD (less than Rs 2 crore) and Bulk FD (Rs 2 crore and above).