ICICI Bank, a leading private sector lender, has revised its fixed deposit interest rates to between Rs 2 crore and Rs 5 crore. The new tariffs came into effect from Friday (August 26). The latest interest rates will be around 3.50 to 5.90%, depending on the maturities between 7 days and 10 years.
The bank has raised interest rates as the Monetary Policy Committee follows the strict monetary policy regime. The RBI’s rate-setting panel raised the key repo rate by 50 basis points to 5.4% in early August. It was the third consecutive increase after a 50% increase in June and a 40% increase in May.
The country’s inflation in April stood at 7.79%, before dropping to 7.04% in May and falling back to 7.01% in June. Consumer inflation continued to fall to 6.71% in July. However, it is still above the RBI’s 2-6% target.
Here are the revised interest rates on fixed deposits between Rs 2 crore and Rs 5 crore at ICICI Bank as of August 26, 2022:
7 days to 14 days: For the general public – 3.50%; For seniors – 3.50%
15 days to 29 days: For the general public – 3.50%; For seniors – 3.50%
30 days to 45 days: For the general public – 3.60%; For seniors – 3.60%
46 days to 60 days: For the general public – 4.00%; For the elderly – 4.00 percent
61 days to 90 days: For the general public – 4.75%; For the elderly – 4.75%
91 days to 120 days: For the general public – 5.25%; For seniors – 5.25%
121 days to 150 days: For the general public – 5.25%; For seniors – 5.25%
151 days to 184 days: For the general public – 5.25%; For seniors – 5.25%
185 days to 210 days: For the general public – 5.40%; For seniors – 5.40%
211 days to 270 days: For the general public – 5.40%; For seniors – 5.40%
271 days to 289 days: For the general public – 5.60%; For seniors – 5.60%
290 days to less than 1 year: For the general public – 5.60%; For seniors – 5.60%
1 year to 389 days: For the general public – 6.05%; For the elderly – 6.05%
390 days to less than 15 months: For the general public – 6.05%; For the elderly – 6.05%
15 months to less than 18 months: For the general public – 6.05%; For the elderly – 6.05%
18 months to 2 years: For the general public – 6.05%; For the elderly – 6.05%
2 years 1 day to 3 years: For the general public – 6.05%; For the elderly – 6.05%
3 years 1 day to 5 years: For the general public – 6.05%; For the elderly – 6.05%
5 years 1 day to 10 years: For the general public – 5.90%; For the elderly – 5.90%.
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