Now Reading: ICICI Bank hikes FD rates by 10 basis points on select tenures
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ICICI Bank hikes FD rates by 10 basis points on select tenures
The Story in Brief
ICICI Bank has raised interest rates on select fixed deposits below Rs 3 crore by 10 basis points on longer tenures. Senior citizens can now earn up to 7.20% and general depositors up to 6.60%, depending on tenure.
For deposits of two years and one day to three years, the rate has gone from 6.45% to 6.55% for general depositors and from 6.95% to 7.05% for senior citizens. For three years and one day to five years, general depositors will get 6.60% and senior citizens 7.20%. The five-year Tax Saver FD rate has also risen to 6.60% for general depositors and 7.20% for senior citizens.
Shorter tenures remain unchanged. The bank advises customers to compare rates, check premature withdrawal penalties and visit its official website for the latest terms.
Indian Opinion Analysis
The rate increase signals the bank's view of a prolonged elevated interest rate cycle, shifting deposits that were at the margin to the longer bucket. General and senior citizen depositors gain the same 10-basis-point bump on tenures above two years, making the senior citizen ceiling of 7.20% the headline. The real effect is on depositors within the Rs 3-crore bracket, who face the narrowest real returns. The bank's cut-off, precisely Rs 3 crore, suggests it is targeting retail rather than bulk depositors. What remains open is whether other large private lenders match this revision or hold their rates steady.
Source: cnbctv18.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
