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ICICI Bank Hikes Interest Rates On These FDs From Today, Check Rates Here
ICICI Bank, 2nd largest Private sector bank, hikes the interest rate on Domestic, NRO, and NRE fixed deposits of Rs 2 Cr & above but less than 5 Cr. The new interest rate is applicable from 7 April 2023, according to the bank's official website.
Recently, the Reserve Bank of India (RBI) kept the repo rate unchanged after 6 consecutive repo rate hikes. Despite this, ICICI Bank announced an increase in the interest rate on fixed deposits.
The bank is now offering a maximum interest of 7.25 per cent and a minimum 4.75 percent to senior citizens. Senior citizens are subject to the same minimum and maximum interest rates, which are 4.75 percent and 7.25 percent respectively.
Investors who make FDs of more than Rs. 2 crore but less than Rs. 5 crore will benefit from an increase in interest.
FD Interest rates on Domestic, NRO & NRE deposits of Rs 2 Cr & above but less than 5 Cr
| Maturity Period | General Rates % p.a. | Senior Citizen Rates % p.a. |
|---|---|---|
| 7 days to 14 days | 4.75% | 4.75% |
| 15 days to 29 days | 4.75% | 4.75% |
| 30 days to 45 days | 5.50% | 5.50% |
| 46 days to 60 days | 5.75% | 5.75% |
| 61 days to 90 days | 6.00% | 6.00% |
| 91 days to 120 days | 6.50% | 6.50% |
| 121 days to 150 days | 6.50% | 6.50% |
| 151 days to 184 days | 6.50% | 6.50% |
| 185 days to 210 days | 6.65% | 6.65% |
| 211 days to 270 days | 6.65% | 6.65% |
| 271 days to 289 days | 6.75% | 6.75% |
| 290 days to less than 1 year | 6.75% | 6.75% |
| 1 year to 389 days | 7.25% | 7.25% |
| 390 days to | 7.25% | 7.25% |
| 15 months to | 7.15% | 7.15% |
| 18 months to 2 years | 7.15% | 7.15% |
| 2 years 1 day to 3 years | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 6.75% | 6.75% |
| 5 years 1 day to 10 years | 6.75% | 6.75% |
| 5 Years (80C FD) - Max to 1.50 lac | NA | NA |
Source - icicibank.com
According to the ICICI Bank, "Minimum tenure for NRE Term Deposits is 1 year and no interest is payable for deposits prematurely withdrawn within the period of 1 year from the date of the deposit. Minimum amount to open domestic FD is Rs 10000 and NRO / NRE term deposits is Rs 25000."
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