ICICI Bank Raises Interest Rates on Large FD Investments; Offering Returns of Up To 7.15%
The interest rates on large fixed deposits (FDs) of Rs 2 crore to Rs 5 crore have changed at the venerable private sector bank ICICI Bank. The bank's official website states that the new rates were effective from yesterday.
ICICI Bank, one of the top lenders in the private sector, has raised its interest rates for large fixed deposits ranging from Rs 2 crore to Rs 5 crore. On January 7, 2023, the new rates went into effect, according to the bank's official website.
ICICI Bank currently offers interest rates on deposit tenors ranging from 7 days to 10 years that vary from 4.50% to 6.75%, in compliance with the update. Deposits maturing between 15 months and 2 years now have a maximum interest rate of 7.15%.
Rates for ICICI Bank Bulk FDs
On deposits that mature in the next 7 to 29 days, the bank will pay interest at a rate of 4.50%, while ICICI Bank will pay interest at 5.25% on deposits that mature in the next 30 to 45 days.
ICICI Bank now offers an interest rate of 5.75% on deposits due in 61 days or more and an interest rate of 5.50% on deposits maturing in 46 days to 60 days. Deposits that mature in 91 to 184 days or 185 to 270 days will yield 6.25% interest and 6.50% interest, respectively.
ICICI Bank offers an interest rate of 7.10% on deposits due in a year and up to 15 months, while the bank offers an interest rate of 6.65% on deposits maturing in 271 days to less than a year.
ICICI Bank offers an interest rate of 7.15% on deposits due in 15 months to 2 years, and a rate of 7.00% on deposits maturing in 2 years, 1 day to 3 years. Deposits with maturities of 3 years, 1 day to 10 years will be charged interest at a rate of 6.75%.
As of December 16, 2022, ICICI Bank was offering interest rates on fixed deposits under 2 Cr. On these deposits that mature in 15 months to 5 years, the general public will receive a maximum interest rate of 7%, while senior people will receive a maximum return of 7.50% on deposits that mature in 15 months to 10 years.
The annual retail price inflation rate in India decreased from 6.77% in October to 5.88% in November 2022, making an ICICI Bank FD one of the safest FDs, rated "AAA," and beating inflation in terms of returns.
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