ICICI Bank has revised interest rates on fixed deposits above Rs 2 crore and up to Rs 5 crore. The bank will now give interest ranging from 3.25 to 5.75 percent on deposits from 7 days to 10 years.
In the monetary policy meeting of the Reserve Bank of India (RBI) last week, it has been decided to increase the repo rate by 50 basis points. After which the bank says that we have taken the decision to change the FD rates after increasing the repo rate.After the decision of RBI to increase the repo rate, many banks have changed the rates of their bank loans, savings accounts and fixed deposits.
ICICI Bank’s new interest rates
On FDs from 2 crore to 5 crore for 7 days to 29 days, the bank will now give an interest of 3.25 percent and on the deposit maturity of 30 to 45 days, the bank will give an interest of 3.35%.ICICI Bank will now offer an interest of 3.65 per cent on deposits maturing in 46 days to 60 days and 4.50 per cent on deposits maturing in between 61 and 90 days.
ICICI Bank ICICI Bank will now pay an interest of 5 percent on deposits maturing in 91 to 184 days and 5.25 percent on fixed maturities of 185 to 270 days.The bank will now offer an interest of 5.50 per cent on deposits maturing in from 271 days to less than 1 year.On the other hand, ICICI Bank will give the highest interest of 5.75 percent on deposits maturing in 1 year to 10 years.
Due to the increase in the repo rate, many banks took the decision to change the interest rates
Many banks have changed the rates of their bank loans and fixed deposits. Recently, Canara Bank has reduced the interest rates on FDs below 2 crores, as well as Bandhan Bank has also changed the interest rates for its savings accounts. The new interest rate of Canara Bank will be applicable from August 8.
After this change, Canara Bank has introduced a new deposit maturity term of 666 days for which the bank will pay the highest interest of 6 percent. The same Bandhan Bank has increased the interest rates on daily savings accounts from 5 percent to 6 percent from 1,000,000 to 100000.
