Effective 15th November, 2018, the rate hike is applicable across various tenors for ICICI Bank's domestic term deposits. It is also applicable for NRO & NRE term deposits.
Good news for ICICI Bank customers, particularly those looking to invest in fixed deposits. For, ICICI Bank has hiked the interest rates of its term deposits of less than Rs 1 crore by up to 25 basis points. Effective 15th November, 2018, the rate hike is applicable across various tenors for domestic term deposits of the bank. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term deposits.
With this increase, the bank is now offering a peak interest rate of 7.50% on term deposits with a maturity of above 2 years up to 3 years, while senior citizens will get 8.00% for the same tenure.
Talking about the hike in their FD rates, 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 fixed deposits with various maturities starting as low as 7 days and up to 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 account 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:
* NRE rates applicable for tenure of 1 year and above only