ICICI Bank, one of the leading private banks in the country, has announced new fixed deposit interest rates in response to the Reserve Bank of India’s (RBI) new rule for retail deposit terms and rates. These new interest rates will come into effect starting today.
The revised interest rates will be applicable to deposits below 3 crores, with deposits up to 3 crores classified as retail deposits and those exceeding 3 crores considered as bulk deposits. As per the new rates, senior citizens will now receive the highest interest rate of 7.75%, while the general public will receive 7.20% interest.
Traditionally, senior citizens receive approximately 50 basis points more interest compared to the general public at most banks. The specific interest rates for different deposit periods are as follows:
- 3% interest for deposits of one week to 29 days.
- 3.50% for deposits of 30-45 days.
- 4.25% for deposits of 46-60 days.
- 4.50% for deposits of 61-90 days.
- 4.75% for deposits of 91-184 days.
- 5.75% for deposits of 185-270 days.
- 6% for deposits of 271 days to less than a year.
- 6.70% for deposits of one year to 15 months.
- 7.20% for deposits of 15 months to two years.
For example, a 15-18 month fixed deposit of 18 months with an interest rate of 7.20% upon maturity would result in Rs. 10,794 interest for the general public and Rs. 11,627 for senior citizens.
You are advised to visit a nearby ICICI Bank Branch channel or the official website to get complete information about the latest interest rates and available deposit schemes.
