ICICI Bank raises retail term-deposit interest rates by upto 25bps
November 14, 2018
- Offers 7.50% on term-deposits for tenor above 2 years upto 3 years
Mumbai: ICICI Bank today announced an increase in interest rates of term-deposits of less than Rs 1 crore by upto 25 basis points. Effective from November 15, 2018, the rate hike is applicable across various tenors for domestic term-deposits. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term-deposits.
With this increase, the Bank offers a peak interest rate of 7.50% on term-deposits with a maturity of above 2 years upto 3 years.
Pranav Mishra, Senior General Manager & Head – Retail Liabilities Group, said, “With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns. The 2-3 years tenor offers customers an opportunity to invest at a higher interest rate of 7.50% p.a. (8.00% p.a. for senior citizens). As a prudent asset allocation strategy, we feel customers should definitely look at capitalising on this opportunity.”
ICICI Bank offers term-deposits with various maturities starting as low as 7 days and upto 10 years. It also offers a 50 basis points higher interest rate to senior citizens across term-deposits of all maturities.
Customers can open a term-deposit at any of the Bank’s branches. In addition, they can conveniently open a deposit from the comfort of their home/office or on-the-go, using the Bank’s internet and mobile banking platforms as well as from ATMs and phone banking.
The new term-deposit rates effective from November 15, 2018 are as below:
| Maturity Period | Interest rates (per annum) | |
|---|---|---|
| Term deposits of less than Rs 1 crore | ||
| New rates w.e.f. Nov 15 | Increase basis points(bps) | |
| 7 days to 14 days | 4.00% | - |
| 15 days to 29 days | 4.25% | - |
| 30 days to 45 days | 5.50% | - |
| 46 days to 60 days | 6.00% | 25 bps |
| 61 days to 90 days | 6.25% | 25 bps |
| 91 days to 120 days | 6.25% | 25 bps |
| 121 days to 184 days | 6.25% | 25 bps |
| 185 days to 289 days | 6.50% | - |
| 290 days to less than 1 year | 6.75% | - |
| 1 year to 389 days | 6.90% | 15 bps |
| 390 days upto 2 years | 7.10% | 10 bps |
| 2 years 1 day upto 3 years | 7.50% | 25 bps |
| 3 years 1 day upto 5 years | 7.25% | - |
| 5 years 1 day upto 10 years | 7.00% | - |
| 5 years (80C FD) | 7.25% | - |
* NRE rates applicable for tenure of 1 year and above only.
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