New Delhi: Private sector lender ICICI Bank has increased fixed deposit (FD) interest rates for FDs of up to Rs 3 crore. ICICI bank has increased its FD interest rate by 5 basis points on tenure of 15 months to two years, setting it in the highest interest rate bracket of 7.25 percent, revised upwards from 7.20 percent.
ICICI Bank has said that the new FD rates are effective from today (6 August 2024). Senior Citizens get an extra 0.55% interest for FDs (less than Rs. 3 crore) with a tenure of 15 months to 18 months, said the bank
FD Interest Rate for General and Senior Citizens(w.e.f. from Aug 06, 2024)
| Tenure | With Premature Withdrawal | |
|---|---|---|
| General Citizen | Senior Citizen | |
| 7 to 29 Days | 3.00% | 3.50% |
| 30 to 45 Days | 3.50% | 4.00% |
| 46 to 60 Days | 4.25% | 4.75% |
| 61 to 90 Days | 4.50% | 5.00% |
| 91 to 184 Days | 4.75% | 5.25% |
| 185 to 270 Days | 5.75% | 6.25% |
| 271 Days to < 1 Year | 6.00% | 6.50% |
| 1 Year to < 15 Months | 6.70% | 7.20% |
| 15 Months to < 18 Months | 7.25% | 7.80% |
| 18 Months to 2 Years | 7.25% | 7.75% |
| 2 Years 1 Day to 5 Years | 7.00% | 7.50% |
| 5 Years 1 Day to 10 Years | 6.90% | 7.40% |
| 5Y (Tax Saver FD) | 7.00% | 7.50% |
The rate hike comes two days ahead of the RBI’s bi-monthly monetary policy announcement that is due on 8 August 2024. The 3 day RBI MPC meeting began today.
RBI has maintained the repo rate at 6.5 percent since its last increase in February 2023. It is being widely speculated that the central bank will keep the key interest rates unchanged for the ninth consecutive time.
Bureau Report
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