Axis Bank and ICECI Bank have increased the interest rates on FDs. The new rates of the bank have become effective from June 16.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates of loans. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank and ICECI Bank of the private sector have increased the interest rates on fixed deposits ie FD. The new rates of both the banks have become effective from June 16.
ICICI Bank Interest Rates
ICICI Bank is now offering an interest rate of 2.75-5.75% with tenures ranging from 7 days to 10 years for deposits below Rs 2 crore. Senior citizens and other citizens will get the benefit of an additional interest rate of 0.5% over the rate given. ICICI Bank will offer an interest rate of 3.1 to 5.5 per cent on deposits of Rs 2 crore and above but less than Rs 5 crore.
At the same time, Axis Bank has increased its FD interest rate on deposits below Rs 2 crore. Apart from this, senior citizens will continue to be eligible for additional interest rate.
RBI increased the repo rate twice within 36 days.
Significantly, on June 8, 2022, RBI Governor Shaktikanta Das announced an increase of 50 basis points in the repo rate, increasing it from 4.40 percent to 4.90 percent. Earlier, on May 4, 2022, the central bank had increased the repo rate by 40 basis points from 4.00 percent to 4.40 percent.
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