New Delhi: Private sector lender ICICI Bank has announced revision in its Bulk Fixed Deposit(FD) rates. ICICI Bank has revised FD Interest rates on Domestic, NRO, NRE deposits from above Rs 2 crore to less than Rs 5 crore.
ICICI Bank's new FD rates are effective from April 13, 2023, according to the bank's official website.
Following the revision in Bulk FD interest rates, ICICI Bank will offer interest rates on Domestic, NRO, NRE deposits with maturities ranging from seven days to 10 years that range from 4.75 percent to 6.75 percent for members of the general public and for senior citizens.
ICICI FD Interest rates on Domestic, NRO & NRE deposits(Less than Rs 5 Crore)
| Maturity Period | Interest rates (per cent per annum) w.e.f. February 24, 2023 | Interest rates (per cent per annum) w.e.f. April 13, 2023 | ||
|---|---|---|---|---|
| Single deposit of less than ₹20.0 million | Single deposit of ₹20.0 mn & above but less than 50.0 mn | |||
| General | **Senior Citizen | General | **Senior Citizen | |
| 7 days to 14 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 15 days to 29 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 30 days to 45 days | 3.50% | 4.00% | 5.50% | 5.50% |
| 46 days to 60 days | 4.25% | 4.75% | 5.75% | 5.75% |
| 61 days to 90 days | 4.50% | 5.00% | 6.00% | 6.00% |
| 91 days to 120 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 121 days to 150 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 151 days to 184 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 185 days to 210 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 211 days to 270 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 271 days to 289 days | 6.00% | 6.50% | 6.75% | 6.75% |
| 290 days to less than 1 year | 6.00% | 6.50% | 6.75% | 6.75% |
| 1 year to 389 days | 6.70% | 7.20% | 7.25% | 7.25% |
| 390 days to < 15 months | 6.70% | 7.20% | 7.25% | 7.25% |
| 15 months to < 18 months | 7.10% | 7.60% | 7.15% | 7.15% |
| 18 months to 2 years | 7.10% | 7.60% | 7.15% | 7.15% |
| 2 years 1 day to 3 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 7.00% | 7.50% | 6.75% | 6.75% |
| 5 years 1 day to 10 years | 6.90% | #7.50% | 6.75% | 6.75% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% | NA | NA |
The RBI on April 6 kept the repo rates unchanged at 6.5 percent, contrary to widespread speculations in the media. The rate hike has been paused after six consecutive rate increases aggregating to 250 basis points since May 2022.
It may be recalled that on Wednesday, just a day ahead of the announcement of Reserve Bank of India (RBI) Monetary Policy 2023, public sector lender Canara Bank announced revision in its Fixed Deposit (FD) rates. Canara Bank has hiked FD interest rates under Rs 2 crore. Canara Bank's new FD rates are effective from April 5, 2023, according to the bank's official website.
Following the modification in FD interest rates, Canara Bank will offer interest rates on callable deposits with maturities ranging from seven days to ten years that range from 4 percent to 7.25 percent for members of the general public and 4 percent to 7.75 percent for senior citizens.
