Banks, both public and private, have increased their fixed deposit rates following the Reserve Bank of India’s repo rate hike in early August. The current repo rate stands at 5.4 per cent. Private sector lender ICICI Bank has also increased the interest rates on fixed deposits of amounts between Rs 2 crore and Rs 5 crore. The new rates are effective from September 8, 2022.
As per the website, ICICI Bank will offer interest rates between 2.75 per cent and 6.10 per cent for tenors from 7 days to 10 years for regular citizens. The rate for senior citizens is slightly higher and ranges from 3.25 per cent to 6.60 per cent.
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The bank will offer interest rates between 3.50 per cent and 5.90 per cent for tenures 7 days to 10 years for regular citizens. The rate for senior citizens is slightly more and ranges between 3.50 per cent and 6.05 per cent.
Revised rates for investment bracket Rs 2 crore to Rs 5 crore
On FD schemes maturing in 7 days to 29 days, the bank will offer an interest rate of 3.50 per cent and on term deposits maturing in 30 days to 45 days, ICICI Bank will now promise an interest rate of 3.60 per cent.
Under term deposits for 46 days to 60 days, investors can now fetch an interest rate of 4.00 per cent and term deposits maturing in 61 days to 90 days will now fetch an interest rate of 4.75 per cent. The bank will provide an interest rate of 5.25 per cent on FD schemes for 91 days to 184 days.
The bank will now promise an interest rate of 5.50 per cent on fixed deposits maturing in 185 days to 270 days. On fixed deposits maturing in 271 days to less than 1 year, the bank will now promise an interest rate of 5.70 per cent and on fixed deposits maturing in 1 year to 5 years, ICICI Bank will now promise an interest rate of 6.05 per cent. For deposits for 5 years 1 day to 10 years, investors can fetch an interest rate of 5.90 per cent.
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| Tenor | General (Rs 2 crore-Rs 5 crore) | Senior citizen (Rs 2 crore- Rs 5 crore) |
| 7 days to 14 days | 3.50% | 3.50% |
| 15 days to 29 days | 3.50% | 3.50% |
| 30 days to 45 days | 3.60% | 3.60% |
| 46 days to 60 days | 4.00% | 4.00% |
| 61 days to 90 days | 4.75% | 4.75% |
| 91 days to 120 days | 5.25% | 5.25% |
| 121 days to 150 days | 5.25% | 5.25% |
| 151 days to 184 days | 5.25% | 5.25% |
| 185 days to 210 days | 5.50% | 5.50% |
| 211 days to 270 days | 5.50% | 5.50% |
| 271 days to 289 days | 5.70% | 5.70% |
| 290 days to less than 1 year | 5.70% | 5.70% |
| 1 year to 389 days | 6.05% | 6.05% |
| 15 months to < 18 months | 6.05% | 6.05% |
| 18 months to 2 years | 6.05% | 6.05% |
| 2 years 1 day to 3 years | 6.05% | 6.05% |
| 3 years 1 day to 5 years | 6.05% | 6.05% |
| 5 years 1 day to 10 years | 5.90% | 5.90% |
The interest rates for other tenures below Rs 2 crore are the same as before.
| Tenor | General (Below Rs 2 crore) | Senior citizen (Below Rs 2 crore) |
| 7 days to 14 days | 2.75% | 3.25% |
| 15 days to 29 days | 2.75% | 3.25% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 3.25% | 3.75% |
| 61 days to 90 days | 3.25% | 3.75% |
| 91 days to 120 days | 3.75% | 4.25% |
| 121 days to 150 days | 3.75% | 4.25% |
| 151 days to 184 days | 3.75% | 4.25% |
| 185 days to 210 days | 4.65% | 5.15% |
| 211 days to 270 days | 4.65% | 5.15% |
| 271 days to 289 days | 4.65% | 5.15% |
| 290 days to less than 1 year | 4. 65% | 5.15% |
Rates for 1 year to 10 years
| Tenor | General | Senior citizens |
| 1 year to 389 days | 5.50% | 6.00% |
| 390 days to < 15 months | 5.50% | 6.00% |
| 15 months to < 18 months | 5.50% | 6.00% |
| 18 months to 2 years | 5.50% | 6.00% |
| 2 years 1 day to 3 years | 5.60% | 6.10% |
| 3 years 1 day to 5 years | 6.10% | 6.60% |
| 5 years 1 day to 10 years | 5.90% | 6.60% |
| 5 Years (80C FD) – Max to Rs 1.50 lakh | 6.10% | 6.60% |
