ICICI Bank sharply slashes fixed deposit rates: Here are the latest FD rates

ICICI Bank slashes fixed deposit rates: With the world yet to recover from coronavirus pandemic, economies remain hit and interest rates on investments continue to fall. The gloom stretches into the banking sector. The latest to announce another setback is private sector lender ICICI Bank, which has slashed interest rates on fixed deposits (FDs) on selected tenures.

The bank offers fixed deposits ranging from 7 days to 10 years. Source - PTI.

ICICI Bank slashes fixed deposit rates: With the world yet to recover from coronavirus pandemic, economies remain hit and interest rates on investments continue to fall. The gloom stretches into the banking sector. The latest to announce another setback is private sector lender ICICI Bank, which has slashed interest rates on fixed deposits (FDs) on selected tenures. The bank has sharply cut the interest rate on deposits maturing in 91 days to 184 days. The bank offers fixed deposits ranging from 7 days to 10 years.

After the latest revision, ICICI Bank gives 2.5% interest on deposits maturing in 7 days to 29 days. On deposits maturing in 30 days to 90 days 3%. ICICI Bank has sharply cut the interest rate by 50 basis points (bps) on FDs maturing in 91 days to 184 days. These deposits will now fetch 3.5%.

The changes have been made to other tenors as well. On deposits maturing in 185 days to 289 days, ICICI Bank offers an interest rate of 4.40%. The bank has slashed interest rates on FDs maturing in 290 days to less than 1 year by 10 bps. After the latest revision, ICICI Bank is offering 4.4% on FDs maturing 290 days to less than 1 year.

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Here are the latest ICICI Bank FD rates:

7 days to 14 days - 2.50%

15 days to 29 days - 2.50%

30 days to 45 days - 3%

46 days to 60 days - 3%

61 days to 90 days- 3%

91 days to 120 days - 4% (3.5)

121 days to 184 days - 4% (3.5)

185 days to 210 days - 4.40%

211 days to 270 days - 4.40%

271 days to 289 days - 4.40%

290 days to less than 1 year - 4.50% (4.4)

1 year to 389 days - 5%

390 days to < 18 months - 5%

18 months days to 2 years - 5.1%

2 years 1 day to 3 years - 5.1%

3 years 1 day to 5 years - 5.35%

5 years 1 day to 10 years - 5.50%

Senior citizens will continue to get a 50 basis points (bps) higher interest rate than others. After the latest revision, senior citizens will get interest ranging from 3% to 6.3% on FDs maturing in 7 days to 10 years.

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ICICI Bank Personal Finance