FD Investors, Alert! ICICI Bank Revises FD Interest Rates; check the latest fixed deposit rates | Personal finance news
New Delhi: At a time when most public and private banks in India are raising interest rates on term deposits, ICICI Bank seems to be taking a totally different approach. The private lender on Wednesday, April 6, cut the interest rate on term deposit schemes, which come with different maturity periods, by 5 basis points or 0.05%.
ICICI Bank cut interest rates on FD worth more than Rs 2 crore but less than Rs 5 crore. Interest rates on FD schemes worth less than Rs 2 crore remained unchanged.
The latest interest rates are applicable to general and senior investors. In addition, the bank kept interest rates unchanged on FD policies maturing in less than a year.
ICICI Bank cut the interest rate on the FD plan maturing between 15 and 18 months to 4.20% from 4.25%. In addition, the interest rate on FD plans with terms of 18 months to 2 years has been reduced to 4.35% from the previous rate of 4.50%.
Meanwhile, the bank has cut the interest rate on plans with maturities between 2 years 1 day and 3 years to 4.50% from the rate of 4.55% previously offered by the bank. In addition, the interest rate on term deposits with maturities between 3 and 10 years has been reduced from 4.65% to 4.60% previously.
Besides ICICI Bank, several other banks have recently revised their interest rates. These banks include State Bank of India, HDFC Bank, Bank of Baroda and IndusInd Bank among others. Also read: Online lending platforms offering loans at sky-high rates: HC asks RBI to file status report
Earlier today, it was reported that HDFC Bank had revised Domestic Non-Redeemable Fixed Deposit Rates / NRO and NRE at or above 5 Crore with effect from 06 April 2022. Also Read: Sensex to 75,000 at end of Year in Taurus Scenario: Morgan Stanley Makes Big Predictions