ICICI Bank Hikes Interest Rate On FDs From February 24; Check Latest Rates Here

ICICI bank announced to increase the interest rate on FDs between Rs 2 cr to Rs 5 cr from February 24, 2023, following the increase of repo rate by RBI by 25 bps in Feb 8 MPC meeting.

ICICI Bank hikes interest rates on FDs between Rs 2 cr to Rs 5 cr.

New Delhi: Following the other banks, ICICI Bank also announced to hike the Interest rates on Fixed Deposits (FDs) between Rs 2 cr to Rs 5 cr. The new rates will be effective from February 24, 2023, according to the official website of ICICI Bank. The bank is now offering an interest rate spanning from 4.75% to 6.75%. Earlier, SBI, Axis Bank, Indusland Bank, Bank of Maharashtra, increased interest rate for customers after Reserve Bank of India (RBI) hiked the benchmark lending rate the Repo rate by 25 basis points (bps) to 6.50% on February 8, 2023.

ICICI Bank earlier increased the interest rate for fixed deposits below Rs 2 crore. The bank is now offering the interest rate of 3.50% on FDs maturing between 7 to 14 days and 15 days to 29 days. Likewise, 4% interest is given for Fds on 30 days to 45 days. Now, the bank is giving 4.75% for Fds maturing between 46 days to 60 days.

The FDs maturing between 91 days to 120 days, 121 days to 150 days, and 151 days to 184 days will be offered an interest rate of 5.25%. Likewise, the bank is offering 6.25% interest rate on Fds maturing between 185 days to 210 days, 211 days to 270 days.

Those FDs maturing between 1 year to 389 days and 390 days to less than 15 month will be offered 6.70% interest rate.

For Fds under Rs 2 crore, maximum 7.50% interest rate for Fds maturing between 5 years 1 day to 10 years. In parallel, those Fds above Rs 2 crore to Rs 5 crore, the bank is offering 6.75% to the similar maturing of Fds.