ICICI revives Fixed Deposit Rates

BusinessICICI revives Fixed Deposit Rates

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Diwali may be over, but the market still has some great offers from e-commerce websites to banks. People who have good savings can clearly benefit a lot from the new schemes.

ICICI Bank has recently announced the revised interest rates on fixed deposits between ₹2 Crores to ₹5 Crores. Apropos to the bank’s official statement, the revised interest rates are effective from today, i.e., October 28, 2022. Not only this, but the bank is also starting to offer fixed deposits with maturity periods ranging from a minimum of 7 days to 10 years with interest rates ranging from 3.75% to 6.25%. The maximum interest rate that the bank is currently offering on deposits is 6.5% which comes with a maturity of one to three years.

ICICI bank will provide a 3.75% interest rate on fixed deposits for durations in the next 7 to 29 days, and a 4.75% interest rate on deposits maturing in the next 30 to 45 days which is a great deal for short-term investment. As the time period increases, the deposits rate also betters. The bank is offering an interest of 5 % and 5.25% for the FDs that mature in 46 days to 60 days and in 61 days to 90 days, respectively.

Fixed Deposits with a duration between 91 and 184 days will now make interest at a rate of 5.50%, while deposits with maturities between 185 and 270 days will now earn interest at a rate of 5.75%. On fixed deposits maturing in 271 days to less than 1 year, the bank will now pay an interest rate of 6.00% and on those maturing in 1 year to 3 years, the bank is now promising an interest rate of 6.50%. Fixed deposits maturing in 3 years 1 day to 10 years will now pay an interest rate of 6.25%.

There is another important announcement by the bank which is effective from October 31, 2022, according to which  ICICI Bank will no longer provide senior citizens with its Golden Years FD.

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