New Delhi: At a time when most public and private banks in India are hiking interest rates on fixed deposits, ICICI Bank appears to be taking an altogether different approach. The private lender, on Wednesday (April 6), cut the interest rate on fixed deposit schemes, that come with various maturity periods, by 5 basis points or 0.05%. 


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ICICI Bank has trimmed the interest rates on FDs worth more than Rs 2 crore but below Rs 5 crore. Interest rates on FD schemes worth less than Rs 2 crore have remained unchanged. 


The latest interest rates are applicable to both general and senior citizen investors. Also, the bank has kept interest rates on FD policies maturing in less than one year unchanged. 


ICICI Bank has reduced the interest rate on FD scheme maturing between 15 to 18 months to 4.20% from 4.25%. Also, the interest rate on FD plans with a tenure of 18 months to 2 years has been trimmed to 4.35% from the previous 4.50% rate.


Meanwhile, the bank has cut the interest rate on schemes maturing between 2 years 1 day to 3 years to 4.50% from the 4.55% rate the bank offered previously. Also, the interest rate on term deposits with a maturity period between 3 years to 10 years has been reduced to from the previous 4.65% to 4.60%. 


Besides ICICI Bank, several other banks have revised interest rates in the recent past. These banks include State Bank of India, HDFC Bank, Bank of Baroda, and IndusInd Bank, among others. Also Read: Online lending platforms offering loans at exorbitant rates: HC asks RBI to file status report


Earlier in the day, it was reported that HDFC Bank has revised the Domestic/NRO and NRE Non-withdrawable Fixed Deposit rates greater than or equal to 5 Crore with effect from 06 April 2022. Also Read: Sensex at 75,000 by year end in bull case scenario: Morgan Stanley makes big prediction


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