ICICI Bank revises rates of interest on bulk fastened deposits. Check new charges right here

One of the biggest personal bankers, ICICI Bank has elevated its fastened deposits on bulk deposits with impact from Monday onward. The financial institution gives a 6.05% rate of interest on FDs between ₹2 crore to ₹5 crore. With a untimely withdrawal facility, the FDs provide rates of interest starting from 3.50% to six.15%. Senior residents are already getting an extra rate of interest of 0.2% on FDs above 5 years tenure underneath its Golden Years FD scheme. Banks have been mountaineering their FD charges since RBI began to hike repo charges by 1.4% within the final three insurance policies.

ICICI Bank charges on FDs between ₹2 crore to ₹5 crore

Here, the rates of interest are related for each the final class and senior residents.

With impact from August 29, ICICI Bank gives a 3.50% price on FDs maturing from 7 days to 29 days, whereas the speed is 3.60% on 30 days to 45 days tenure. The financial institution gives a 4% price on FDs maturing 46 days to 60 days, whereas the rate of interest is 4.75% on 61 days to 90 days tenure.

ICICI Bank gives 5.25% on tenures from 91 days to 184 days. The price is 5.50% from 185 days to 270 days. While the speed is ready at 5.70% on maturity interval from 271 days to lower than 1 12 months.

The financial institution offers 6.05% on 1-year to five years tenure. While the speed is at 5.90% on 5 years to 10 years tenure.

ICICI Bank charges on FDs between ₹5 crore to ₹500 crore

The price ranges from 3.50% to 4.25% on FDs from ₹5 crore to ₹5.10 crore, and ₹24.90 crore to ₹25 crore.

While the rate of interest is from 3.50% to six.15% on FDs from ₹5.10 crore to ₹500 crore excluding FDs from ₹5 crore to ₹5.10 crore and ₹24.90 crore to ₹25 crore.

These FDs have tenures from 7 days to 10 years with a untimely withdrawal facility.

FDs between ₹2 crore to ₹500 crore:

The financial institution gives a 6.60% rate of interest on FDs between ₹25 crore to ₹100 crore on tenure 1 12 months to 389 days.

Meanwhile, the rate of interest ranges from 3.50% to six.50% on different tenures from 7 days to 10 years on FDs from ₹2 crore to ₹500 crore.

These rates of interest have come into impact from August 29 on home and NRO deposits with out a untimely withdrawal facility.

ICICI Bank penalty on Premature Withdrawal of Fixed Deposit

ICICI Bank levies a 0.5% penalty on untimely withdrawal for FDs under ₹5 crore on lower than 1-year tenure. While the penalty is 1% every on 1 12 months and above however lower than 5 years; and 5 years and above tenure.

On the opposite hand, the penalty is 0.50% on FDs of ₹5 crore and above on tenure lower than 1 12 months, whereas the penalty is 1% on 1 12 months and above however lower than 5 years on the identical deposits. The penalty is excessive at 1.5% on 5 years and above tenure for a similar FDs.

ICICI Bank Senior Citizens Golden Years FD Interest Rates

ICICI Bank on its web site stated, “Resident Senior Citizen customers will get an additional interest rate on an FD of 0.20% for a limited time over and above the existing additional rate of 0.50% per annum.” Notably, the extra price can be obtainable on contemporary deposits opened in addition to deposits renewed through the scheme interval.

This scheme has been revised and in impact from August 19.

The eligible FD tenure right here is 5 years 1 day as much as 10 years.

In case a Fixed Deposit is opened and the above scheme is prematurely withdrawn/closed after, on, or after 5 years 1 day, the relevant penal price can be 1.20%. In case the deposit opened within the above scheme is prematurely withdrawn/closed earlier than 5 years 1 day, the prevailing untimely withdrawal coverage can be relevant.

The scheme is on the market until October 7, 2022.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Subscribe to Mint Newsletters

* Enter a sound electronic mail

* Thank you for subscribing to our e-newsletter.

First article