ICICI Bank raises retail term-deposit interest rates by upto 25bps

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14 NOV 2018 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%