Private sector major ICICI Bank has increased its interest rates on fixed deposit (FD). The new rates have become applicable on deposits between Rs 2 crore and Rs 5 crore, effective August 9. The move comes after the Reserve Bank of India (RBI) raised the key repo rate by 50 basis points, which was the third consecutive hike in the past three months. Recently, several other banks, including Kotak Mahindra Bank, DBS Bank and Bank of Baroda, also raised their interest rates on FD.
Here are the revised interest rates on fixed deposits between Rs 2 crore and Rs 5 crore at ICICI Bank, effective from August 9, 2022:
7 days to 14 days: For General Public – 3.25 per cent; For Senior Citizens – 3.25 per cent
15 days to 29 days: For General Public – 3.25 per cent; For Senior Citizens – 3.25 per cent
30 days to 45 days: For General Public – 3.35 per cent; For Senior Citizens – 3.35 per cent
46 days to 60 days: For General Public – 3.65 per cent; For Senior Citizens – 3.65 per cent
61 days to 90 days: For General Public – 4.50 per cent; For Senior Citizens – 4.50 per cent
91 days to 120 days: For General Public – 5.00 per cent; For Senior Citizens – 5.00 per cent
121 days to 150 days: For General Public – 5.00 per cent; For Senior Citizens – 5.00 per cent
151 days to 184 days: For General Public – 5.00 per cent; For Senior Citizens – 5.00 per cent
185 days to 210 days: For General Public – 5.25 per cent; For Senior Citizens – 5.25 per cent
211 days to 270 days: For General Public – 5.25 per cent; For Senior Citizens – 5.25 per cent
271 days to 289 days: For General Public – 5.50 per cent; For Senior Citizens – 5.50 per cent
290 days to less than 1 year: For General Public – 5.50 per cent; For Senior Citizens – 5.50 per cent
1 year to 389 days: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
390 days to less than 15 months: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
15 months to less than 18 months: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
18 months to 2 years: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
2 years 1 day to 3 years: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
3 years 1 day to 5 years: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent
5 years 1 day to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 5.75 per cent.
On August 5, the RBI’s Monetary Policy Committee raised the repo rate by 50 bps to 5.4 per cent, which is higher than what stood before the pandemic at 5.15 per cent. The MPC in its policy review in June raised the key repo rate by 50 basis points (bps), which was the second hike within almost a month after it increased 40 basis points in an off-cycle policy review in May. The retail inflation in June stood at 7.01 per cent, which is slightly lower than the 7.04 per cent recorded in May but is higher than the RBI’s target limit of 2-6 per cent.
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