The move comes after the Reserve Bank of India (RBI) raised the repo rate by 50 basis points to 4.90% last week. The repo rate was also raised by 40 basis points by the RBI in May. Interest rates for fixed deposits maturing in 7-14 days and 14-29 days are 2.75% for the general public and 3.25% for senior citizens, according to the lender’s website.
Interest rates for 30-45-day, 46-60-day, and 61-90-day fixed deposits were 3.25% for the general public and 3.75% for elderly persons. On FDs due in 91-120 days, 121-150 days, and 151-184 days, the bank offers a 3.75% interest rate to the general public and 4.25% to senior citizens.
The bank provides an interest rate of 4.60% to the general public and 5.10% to senior citizens on FDs maturing in 185-210 days, 211-270 days, 271-289 days, and 290 days to less than one year.
ICICI Bank will offer a 5.30% interest rate to the general public on FDs maturing in a year to 389 days, 390 days to less than 15 months, 15 months to less than 18 months, and 18 months to 2 years, and 5.80% to senior citizens on FDs maturing in the same period.
On fixed deposits maturing in two years one day to three years, ICICI Bank would give a 5.50% interest rate to the general public and a 6% interest rate to senior citizens.
“ICICI Bank employees (including retired staff) will receive an additional 1% rate of interest on domestic deposits below Rs2 crore,” according to the website. “Resident senior citizen clients will receive an additional 0.25% interest rate for a limited time over and above the existing additional rate of 0.50% per annum,” it continued.
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( With inputs from indiainfoline)