Senior citizens continue to get higher interest rates than the general public.
Mumbai: ICICI Bank on Wednesday revised its interest rate on fixed deposit. The announcement comes a week after the Reserve Bank of India (RBI) had cut policy rate by 0.35 bps points for the fourth time in a year. ICICI Bank offers fixed deposits from maturities ranging from 30-45 days, 46-60 days and 1 year-389 days, according to the Mumbai-based lender's website, icicibank.com.
Senior citizens continue to get higher interest rates than the general public. Interest rate for senior citizens offered by bank is 5.75 per cent on fixed deposit kept for 30-45 days and for general public is 5.25 per cent. Earlier, the bank offered interest rate for senior citizens was 5.5 per cent and 6 per cent for general public.
According to the latest ICICI Bank FD rates, the bank is offering 4 per cent interest rate on short-term deposits between 7 days and 14 days.
As the duration increases the interest rates on fixed deposits goes up. ICICI bank gives 4.25 per cent on maturity FDs kept for 15 days to 29 days, 5.25 per cent for 30 days to 45 days, for 46 to 60 days 5.75 per cent, 61 days to 90 days 5.75 per cent, 91 days to 120 days 5.75 per cent, 185 to 289 days 6.25 per cent and 290 days to less than 1 year 6.50 per cent.
On fixed deposits of 1 year-389 days maturity period, the bank has reduced its interest rate by 20 basis point or 0.20 percentage points. After the revision, interest rate offered by the ICICI Bank is 6.7 per cent for general public and 7.2 per cent for senior citizens.
Here are revised ICICI Bank fixed deposit interest rates effective from August 14