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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