New Delhi: For about a fortnight, the process of increasing interest rates on Fixed Deposits (FDs) is going on by all the public and private sector banks. In this episode, private sector lender ICICI Bank has announced to hike interest rates on fixed deposits ranging from Rs 2 crore to Rs 5 crore with tenures ranging from 1 to 2 years. This increase has been made by 5-10 basis points. The new rates have become effective from today i.e. 22 March 2022.
Interest rate hiked by 10 basis points
ICICI Bank had also changed the FD interest rates on 13 March. The fixed deposit interest rates for which were not changed at that time, have now been changed. Now the bank is offering interest at the rate of 4.15 percent on FDs from 1 year to 389 days and 390 days to 15 months. Earlier it was 4.05 percent. The bank has announced the same interest rate for both ordinary citizens and senior citizens. Similarly, the interest rate on fixed deposits of more than 15 months and less than 18 months has been increased from 4.1 percent to 4.2 percent.
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Change happened even 10 days ago
The interest rate on FDs above 18 months and less than 2 years has been increased by 5 basis points. Now customers will get interest at the rate of 4.3 percent instead of 4.25 percent on the FD of this period. The bank had announced on March 13, 2022, to increase the interest rates on FDs for the rest of the period. ICICI Bank is offering 4.6 percent interest on fixed deposits of 3 years 1 day to 5 years and 5 years 1 day to 10 years.
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Many more banks increased the interest on FD
Earlier, the largest public sector lender State Bank of India (SBI) including private sector HDFC Bank, Axis Bank and IndusInd Bank also changed the interest rates of fixed deposits. . These banks have increased the interest rates by 20 to 40 basis points on FDs above Rs 2 crore. HDFC Bank is giving 4.60 percent interest to general citizens and 5.35 percent to senior citizens on FDs above Rs 2 crore.
Tags: Bank FD, FD Rates, Fixed deposits, ICICI bank
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