ICICI Bank has revised its fixed deposit (FD) interest rates with effect from October 23, 2019. ICICI Bank has lowered the interest rates by up to 0.15 percentage point (15 basis points) on select maturities, according to the private sector lender's website -- icicibank.com. On fixed deposits up to Rs 2 crore of a maturity period of between 1 year and 389 days, ICICI Bank now offers an interest rate of 6.45 per cent to the general public and 6.95 per cent to senior citizens. Previously, the bank paid interest rates of 6.60 per cent and 7.10 per cent to the general public and senior citizens respectively on FDs of this term.
After the revision, ICICI Bank now pays interest to the tune of 6.85 per cent to the general public and 7.35 per cent to senior citizens on fixed deposits of 18 months to 1 year term, according to its website.
Here are the interest rates offered by ICICI Bank on FDs up to Rs 2 crore with effect from October 23:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 7 days to 14 days | 4% | 4.50% |
| 15 days to 29 days | 4.25% | 4.75% |
| 30 days to 45 days | 5% | 5.50% |
| 46 days to 60 days | 5.50% | 6% |
| 61 days to 90 days | 5.50% | 6% |
| 91 days to 120 days | 5.50% | 6% |
| 121 days to 184 days | 5.50% | 6% |
| 185 days to 289 days | 6% | 6.50% |
| 290 days to less than 1 year | 6.25% | 6.75% |
| 1 year to 389 days | 6.45% | 6.95% |
| 390 days to < 18 months | 6.45% | 6.95% |
| 18 months to 2 years | 6.85% | 7.35% |
| 2 years 1 day upto 3 years | 6.75% | 7.25% |
| 3 years 1 day upto 5 years | 6.75% | 7.25% |
| 5 years 1 day upto 10 years | 6.75% | 7.25% |
| 5 Years Tax saver FD(Max upto Rs.1.50 lakh) | 6.75% | 7.25% |
(Source: ICICI Bank)
Fixed deposit interest rates are subject to change from time to time. Earlier this month, State Bank of India (SBI) and Punjab National Bank (PNB) cut their FD rates.
The Reserve Bank of India has so far this year reduced the repo rate by a total 135 basis points in five consecutive bi-monthly reviews. The central bank will release its fifth bi-monthly policy statement of the current financial year on December 5.
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