Before the start of the new financial year, the private sector ICICI Bank has announced good news for its customers. Meanwhile, ICICI Bank has also hiked interest rates after HDFC Bank hiked interest rates on fixed deposits in the last few days.
The bank has increased the interest rate by 5-10 basis points. The new rates are effective from March 22. The benefit of interest rate hike will be available on deposits of Rs 2 to 5 crore. The bank has hiked interest rates on fixed deposits of one to two years. The bank has not changed the rates for the remaining fixed deposits.
New rates for fixed deposits
Fixed deposits of one year to 389 days and 390 days to less than 15 months will earn 4.15 per cent interest. Earlier, the interest rate for the period was 4.05 percent. Similarly, fixed deposits of less than 15 months to 18 months will earn 4.20 per cent interest. Earlier, the interest rate was 4.10 per cent.
4.30 per cent interest for a period of less than 2 years
In addition, the bank has fixed interest rates at 4.30 per cent on fixed deposits of more than 18 months and less than 2 years. Earlier it was 4.25 per cent. ICICI Bank has not made any change in the rates of fixed deposit for the remainder of the term.