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  1. ICICI Bank deposit rates raised for some maturities

ICICI Bank deposit rates raised for some maturities

For deposits maturing between two years and three years, the rate was raised to 7%, up by 50 basis points (bps, which is one-hundredth of a percent). Simultaneously, rates on some deposits of between Rs 1 crore and Rs 100 crore were revised downwards by 10 bps.

By: | Published: December 19, 2017 3:48 AM
ICICI Bank, the country’s second-largest private lender by assets, raised interest rates on fixed deposits of more than Rs 100 crore for some maturities on December 16.

ICICI Bank, the country’s second-largest private lender by assets, raised interest rates on fixed deposits of more than Rs 100 crore for some maturities on December 16. Deposits of over Rs 100 crore maturing between one year and 18 months will now earn 6.75%, as against 6.5% earlier, and those maturing between 18 months and two years will yield 6.9%, as compared to 6.5% earlier. For deposits maturing between two years and three years, the rate was raised to 7%, up by 50 basis points (bps, which is one-hundredth of a percent). Simultaneously, rates on some deposits of between Rs 1 crore and Rs 100 crore were revised downwards by 10 bps. Such deposits, if they mature between 18 months and 10 years, will now earn 6.4%, down from 6.5%. The new rates became effective on Saturday. The rate changes will definitely make deposits of over Rs 100 crore more attractive, even though they will marginally lower yields on deposits of between Rs 1 crore and Rs 100 crore. Late last month, State Bank of India had raised the interest rate on deposits of between Rs 1 crore and Rs 10 crore by 100 bps to 5.25% and Punjab National Bank by 50 bps to 5%, leading analysts to believe that the rate-easing cycle may be over.

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