ICICI Bank raises its fixed deposit interest rates across the board; see the specifics here

Private lender, ICICI Bank has changed interest rates for fixed deposits under Rs5 crore, joining institutions like Punjab National Bank (PNB) and State Bank of India (SBI). The new pricing will take effect on June 16th (Thursday).

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)