ICICI Bank Revises Bulk FD Rates And Now Promises Up To 7.25% Interest Rate

ICICI Bank, a private sector lender, has recently announced revisions to its interest rates on bulk fixed deposits (FDs) of more than ₹2 crore to less than ₹5 crore. Effective as of April 20, 2023, ICICI Bank's official website now displays the updated interest rates promised to customers for deposits maturing within various time periods ranging from 7 days to 10 years.

For bulk deposits maturing within 7 to 29 days, the bank is now offering an interest rate of 4.75%. On deposits that mature in 30 to 45 days, the interest rate promised is 5.50%, while those maturing in 46 to 60 days and 61 to 90 days will earn 5.75% and 6.00% interest, respectively. Deposits maturing within the next 91 to 184 days and 185 to 270 days will now earn 6.50% and 6.65% interest, respectively.

For deposits maturing between 271 days to less than a year, the interest rate promised is 6.75%. Meanwhile, the bank is offering a maximum interest rate of 7.25% for bulk deposits maturing in a year to 15 months. For deposits held for 15 months to two years, ICICI Bank is now giving interest rates of 7.15%, while deposits with tenors of two years and one day to three years will earn 7% interest. Deposits with maturities between three and ten years will now earn interest at a rate of 6.75%.

These updated interest rates on bulk fixed deposits are expected to benefit customers who have large sums of money to invest and are looking for stable returns.