The interest rates on bulk deposits of more than 2 crore to 5 crore have been revised by the ICICI Bank. On January 2, 2023, the new rates went into effect, according to the bank's official website. The bank currently offers interest rates on deposits that vary from 4.50% to 6.75% that are maturing in 7 days to 10 years due to the modification. ICICI Bank will now pay deposits with tenors between 15 months and two years, with a maximum interest rate of 7.15%.
ICICI Bank Bulk FD Rates
The current interest rates offered by the bank are 4.50% for deposits maturing in 7 to 29 days and 5.25% for deposits maturing in 30 to 45 days. ICICI Bank is now offering rates of 5.50% for FDs maturing in the 46 to 60 days and 5.75% for those maturing in the following 61 to 90 days. Deposits with maturities ranging between 91 and 184 days will earn 6.25% interest, and deposits with maturities between 185 and 270 days from now will earn 6.50% interest.
The interest rates offered by ICICI Bank are guaranteed by the bank at 6.65% for deposits with terms of 271 days to less than a year and 7.10% for deposits with terms of 1 year to 15 months. In addition, ICICI Bank provides an interest rate of 7.00% on deposits held for two years and one day to three years, while the bank guarantees an interest rate of 7.15% on deposits for 15 months to two years. A rate of 6.75% will be applied to deposits with maturities of three to ten years.
For deposits under Rs. 2 crores, ICICI Bank's interest rates have been in effect since December 16, 2022. In addition, ICICI Bank offers interest rates of up to 7.5% per year for Senior Citizens above the age of 60 and up to 7% per year for those under 60.
As of the beginning of 2023, a few lenders, notably Indian Overseas Bank, Karnataka Bank, Punjab National Bank, and Fincare Small Finance Bank, have already announced increases in interest rates on fixed deposit and savings account products. For example, on January 1, 2023, PNB raised the interest rates on savings accounts by 25 basis points, and fixed deposit customers can expect increases of up to 50 basis points on various tenors.
On Sunday, Karnataka Bank published revised modifications to the interest rates on fixed deposits. For deposits with a tenor of 555 days, the ICICI bank now offers a maximum interest rate for senior citizens of 7.70% and 7.30% for the general public (KBL Centenary Deposit). Furthermore, from January 1, 2023, the Indian Overseas Bank increased FD interest rates by up to 75 bps on short-term deposits with tenors of 7 to 90 days. In addition, from January 1, 2023, Fincare Small Finance Bank increased savings account interest rates by as much as 7.11%.