ICICI Bank, a prominent private bank in India, has recently announced changes to its interest rates for Bulk Fixed Deposits (FDs).
The revised rates, which came into effect on Saturday, May 20, 2023, offer a range of interest options for term deposits spanning from 7 days to 10 years.
Notably, deposits maturing in one year to fifteen months will now earn a maximum annual interest of 7.25 percent.
Interest Rates on 270-Day FDs
For FDs maturing between 7 days to 29 days, ICICI Bank offers an interest rate of 4.75 percent. Depositors with FDs maturing between 30 days to 45 days will receive an interest rate of 5.50 percent, while those with deposits between 46 days to 60 days will enjoy an interest rate of 5.75 percent.
Customers opting for FDs between 61 days to 90 days will be eligible for an interest rate of 6.00 percent.
Moreover, deposits maturing between 91 days to 184 days will yield an interest rate of 6.50 percent, and those maturing between 185 days to 270 days will earn an interest rate of 6.65 percent.
Interest Calculation for One-Year FDs
ICICI Bank offers an attractive interest rate of 6.75 percent on bulk deposits maturing in 271 days to less than one year. For fixed deposits maturing in 1 year to 15 months, the bank has set the interest rate at 7.25 percent.
Additionally, the bank provides a 7 percent interest rate on deposits maturing in 15 months to two years, and a 6.75 percent interest rate on FDs maturing between two years one day to 10 years.
Repo Rate Hike by Reserve Bank of India
During the previous financial year, the Reserve Bank of India raised the repo rate multiple times, ultimately resulting in an average interest rate of around seven percent for bank fixed deposits.
However, it’s important to note that bulk deposits are not as commonly utilized as retail fixed deposits, which remain a popular choice among investors due to their perceived safety.
Investors seeking secure investment options often turn to fixed deposits, given their stability and reliability.
With the revised interest rates on Bulk Fixed Deposits, ICICI Bank aims to cater to the diverse needs of its customers and provide competitive returns on their investments.
