After raising the repo rate by 50 basis points in the monetary policy meeting of the Reserve Bank (RBI) held last month, many big banks have increased the interest rates offered on their fixed deposits (FD).
After raising the repo rate by 50 basis points in the monetary policy meeting of the Reserve Bank (RBI) held last month, many big banks have increased the interest rates offered on their fixed deposits (FD). Now the name of ICICI Bank has also been added to this queue. ICICI Bank has increased the interest rates by 40 basis points on FDs made for certain tenures on amounts less than Rs 2 crore. Now ICICI Bank is going to give interest ranging from 2.75 percent to 6.10 percent on FDs with tenures ranging from 7 days to 10 years. The increased new interest rates are applicable from August 19.
ICICI Bank new interest rates
ICICI Bank has said that the bank will now increase the interest rates on FDs made for 1 to 2 years tenure by 15 basis points, from 5.35 percent to 5.50 percent. The same, the bank will now pay an interest of 5.65% instead of 5.50 percent on FDs made for tenures ranging from 2 to 3 years. Whereas, according to the Economic Times, the bank is now going to pay an interest of 6.10 percent instead of 5.70 percent, with the maximum increase of 40 basis points on FDs made for tenures ranging from 3 years to 5 years. After this change in interest rates, the bank will now pay an interest of 5.90 percent instead of 5.75 percent on FDs made on tenure from 5 years to 10 years.
Which banks have increased interest rates on FD
Earlier, many big banks like State Bank of India (SBI), HDFC Bank and Punjab National Bank (PNB) have also increased the interest rates offered on their fixed deposits (FD). These banks have taken this change after increasing the repo rate by 50 basis points in the monetary policy of RBI last month. With Fixed Deposit (FD), we get our returns guaranteed after a certain period of time along with a fixed interest rate. With FD, you can easily achieve your short term and long term goals. That’s why it is considered safe to do FD.
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