New Delhi: ICICI Bank, a prominent private sector bank, has adjusted its Fixed Deposit (FD) rates for deposits under Rs 2 crore, providing an appealing interest rate of up to 7.10 percent for the general public and 7.65 percent for senior citizens.
These updated FD rates took effect on October 16 for single deposits of less than Rs 2 crores, and on October 18 for FD interest rates on Domestic, NRO, and NRE deposits ranging from Rs 2 crores to less than Rs 5 crores.
The revised interest rates are as follows:
| Maturity Period | Interest rates (per cent per annum) w.e.f. October 16, 2023 | Interest rates (per cent per annum) w.e.f. October 18, 2023 |
|---|---|---|
| Single deposit of less than ₹2 Crores | Single deposit of ₹2 Crores & above but less than ₹5 Crores | |
| General | Senior Citizen | General |
| 7 days to 14 days | 3.00% | 3.50% |
| 15 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.50% | 4.00% |
| 46 days to 60 days | 4.25% | 4.75% |
| 61 days to 90 days | 4.50% | 5.00% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 150 days | 4.75% | 5.25% |
| 151 days to 184 days | 4.75% | 5.25% |
| 185 days to 210 days | 5.75% | 6.25% |
| 211 days to 270 days | 5.75% | 6.25% |
| 271 days to 289 days | 6.00% | 6.50% |
| 290 days to less than 1 year | 6.00% | 6.50% |
| 1 year to 389 days | 6.70% | 7.20% |
| 390 days to < 15 months | 6.70% | 7.20% |
| 15 months to < 18 months | 7.10% | 7.65% |
| 18 months to 2 years | 7.10% | 7.65% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 6.90% | #7.50% |
| 5 Years (80C FD) – Max to ₹1.50 lac | 7.00% | 7.50% |
Several private and public sector banks have recently adjusted their Fixed Deposit interest rates. In its most recent bi-monthly monetary policy announcement, the Reserve Bank of India (RBI) decided to keep the repo rate at 6.5 percent.
The three-day Monetary Policy Committee (MPC) meeting, chaired by RBI Governor Shaktikanta Das, commenced on October 4 and concluded on October 6. Announcing the decision of the MPC, Das stated that the committee had unanimously resolved to keep the repo rate at 6.5 percent.