New Delhi: Private sector lender ICICI Bank has announced a revision in its wholesale fixed deposit (FD) rates. ICICI Bank has revised FD interest rates on domestic, NRO, NRE deposits from Rs 2 crore to less than Rs 5 crore.
The new FD rates of ICICI Bank are effective from April 13, 2023, according to the official website of the bank.
Post revision of bulk FD interest rates, ICICI Bank will offer interest rates on domestic, NRO, NRE deposits with maturities ranging from seven days to 10 years, ranging from 4.75 per cent to 6.75 per cent for general public and senior citizens .
ICICI FD Interest Rates on Domestic, NRO and NRE Deposits (Below Rs.5 Crore)
| maturity period | Interest Rates (per cent per annum) effective February 24, 2023 | Interest Rates (per cent per annum) with effect from April 13, 2023 | ||
|---|---|---|---|---|
| single deposit of less than 20.0 million | single deposit of 20.0 mN and above but less than 50.0 mN | |||
| Common | **senior citizen | Common | **senior citizen | |
| 7 days to 14 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 15 days to 29 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 30 days to 45 days | 3.50% | 4.00% | 5.50% | 5.50% |
| 46 days to 60 days | 4.25% | 4.75% | 5.75% | 5.75% |
| 61 days to 90 days | 4.50% | 5.00% | 6.00% | 6.00% |
| 91 days to 120 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 121 days to 150 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 151 days to 184 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 185 days to 210 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 211 days to 270 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 271 days to 289 days | 6.00% | 6.50% | 6.75% | 6.75% |
| 290 days to less than 1 year | 6.00% | 6.50% | 6.75% | 6.75% |
| 1 year to 389 days | 6.70% | 7.20% | 7.25% | 7.25% |
| 390 days to <15 months | 6.70% | 7.20% | 7.25% | 7.25% |
| 15 months to <18 months | 7.10% | 7.60% | 7.15% | 7.15% |
| 18 months to 2 years | 7.10% | 7.60% | 7.15% | 7.15% |
| 2 years 1 day to 3 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 7.00% | 7.50% | 6.75% | 6.75% |
| 5 years 1 day to 10 years | 6.90% | #7.50% | 6.75% | 6.75% |
| 5 years (80C FD) – Maximum `1.50 lakh | 7.00% | 7.50% | He | He |
Contrary to widespread speculation in the media, on 6 April the RBI kept the repo rates unchanged at 6.5 per cent. The rate hike has been put on hold through May 2022 after six consecutive rate increases totaling 250 basis points.
Significantly, just a day before the announcement of the Monetary Policy 2023 of the Reserve Bank of India (RBI), public sector lender Canara Bank on Wednesday announced a revision in its fixed deposit (FD) rates. Canara Bank has increased the interest rates for FDs of less than Rs 2 crore. The new FD rates of Canara Bank are effective from April 5, 2023, according to the official website of the bank.
Following the revision in FD interest rates, Canara Bank will offer interest rates on repayable deposits with maturities ranging from seven days to ten years, ranging from 4 per cent to 7.25 per cent for members of the general public and 4 per cent to 7.75 per cent for senior citizens. The percentage will be between