New Delhi. The country’s leading private bank, ICICI Bank has changed the interest rates of its fixed deposits (FD). The bank will now pay 7.2% interest to common people and 7.75% interest to the elderly (above 60 years).
These new rates are according to the recent decision of the Reserve Bank of India (RBI), in which the definition of retail deposit has been changed. Now deposits of less than Rs 3 crore will be considered retail deposits. Earlier, deposits up to Rs 2 crore were considered retail FDs.
ICICI Bank is now offering 3% interest to the general public for deposits of less than Rs 3 crore for 7 to 29 days and 3.5% for 30 to 45 days. The highest interest rate is 7.2%, which is being offered on FDs with tenures ranging from 15 months to less than 18 months. The bank is offering 6.9% annual interest for 7 years 1 day to 10 years.
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Higher interest to senior citizens
ICICI Bank is offering higher interest on fixed deposits for senior citizens (above 60 years). On deposits less than Rs 3 crore, the bank is offering 3.5% interest for 7 to 29 days and 4% for 30 to 45 days. The highest interest rate is 7.75% for tenures of 15 months to less than 18 months. 7.4% annual interest is being offered for tenures of 7 years 1 day to 10 years. 7.2% interest is being offered for tenures of 1 year to less than 15 months and 7.7% interest is being offered for tenures of 18 months to 2 years.
Withdrawal rules also changed
ICICI Bank has also changed the withdrawal rules of its fixed deposits. These new rules will be applicable on all new and old FDs. If a person withdraws his money within 7 days, he will not get any interest. Not only this, there will also be a penalty for withdrawing money before time. Half percent interest will be charged on withdrawal before one year, one percent on withdrawal between 1 to 5 years, and one percent on withdrawal after 5 years, one percent on deposits less than 5 crores and one and a half percent on deposits of 5 crores or more.
