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ICICI Bank hikes FD rates by up to 50 bps, special deposit scheme extended
One of the leading private sector banks in India, ICICI Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. As per the bank's official website, the new rates are effective as of October 29, 2022. Deposits maturing in 91 days to 184 days will now pay an interest rate of 4.50% which was earlier 4.25% representing a hike of 25 bps and those maturing in 185 days to 289 days will now fetch an interest rate of 5.25% which was earlier 5%, representing a hike of 25 bps. ICICI Bank has hiked interest rate by 50 bps from 5% to 5.50% on deposits maturing in 290 days to less than 1 year and the bank has hiked interest rate by 30 bps from 5.80% to 6.10% on those maturing in 1 year to 18 months. On term deposits maturing in 18 months to 2 years, the bank has hiked interest rate by 35 bps from 5.80% to 6.15% on deposits maturing in 18 months to 2 years. The additional rate will be offered on newly established deposits as well as deposits renewed during the scheme duration, and the interest rate is applicable on a single fixed deposit (FD) opened with ICICI Bank for an amount less than ₹2 crore. Source - MINT
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