ICICI Bank of the private sector has increased the interest rate on fixed deposits by up to 1.5 percent. The new interest rate is applicable from 7 February. The bank is now offering a minimum rate of 4.5 per cent.
ICICI Bank hiked fixed Deposit rates: Private sector ICICI Bank has made a big increase in the interest rate of fixed deposits. FD customers of this bank will now get hefty returns on their deposits. The bank has made a big increase in FD interest rates by up to 1.5 percent. The new interest rate is applicable from February 7 only.
The bank is now offering a minimum return of 4.50 per cent and a maximum of 7.15 per cent to the general public. The minimum interest rate for senior citizens is 4.50 percent and the maximum interest rate is 71.5 percent only.
The interest rate for senior citizens is only for domestic depositors. The new interest rate is for FDs of more than 2 crores and less than 5 crores.
Interest rate on FDs of 7-29 days increased by 1.5%
According to the information available on the website of ICICI Bank, the bank has increased the interest rate on FDs of 7-29 days from 3 per cent to 4.50 per cent. In this way, it has been increased by 1.5 percent. The interest rate on FDs of 30-45 days has been increased to 5.25 per cent, which was earlier 3.50 per cent.
The interest rate on FDs of 46-60 days has been increased from 4 per cent to 5.50 per cent, for 61-90 days from 4.50 per cent to 5.75 per cent, for 91-184 days the FD rate has been increased from 4.75 per cent to 6.25 per cent. The rate has been increased to 6.50 percent on 185-270 days, interest on FDs ranging from 271 days to less than 1 year has now become 6.65 percent.
Rate reduced on FD from 3 years to 10 years
The interest rate on FDs of 1 year to less than 15 months has now been reduced to 7.10 percent, 15 months to 2 years to 7.15 percent, FDs of 2 years, 1 day to 3 years to 7 percent. The interest rate on FDs ranging from 3 years 1 day to 10 years has been reduced to 6.75 percent.
Earlier, FDs from 1 day to 5 years used to get 7% return. A return of 6.90 per cent was available on FDs ranging from 5 years, 1 day to 10 years. Both have been cut by 25 basis points and 15 basis points.
Tax saving FD facility no longer
Earlier the bank was offering 7% return on 5 year tax saving fixed deposit under section 80C. Its limit was Rs 1.5 lakh. Now it has been removed. Senior citizens are being offered a minimum return of 4.50 percent and a maximum of 7.15 percent.
