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.
