New Delhi: Private sector lender ICICI Bank has revised the Fixed Deposit (FD) rates under Rs 2 crore, offering up to 7.10 percent interest rate for general public and 7.65 percent for senior citizens,
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The new FD rates are applicable from October 16 for single deposit of less than Rs 2 Crores and from October 18 For FD Interest rates on Domestic, NRO & NRE deposits of Rs 2 Crores & above but less than Rs 5 Crores.
| Maturity Period | Interest rates (per cent per annum) w.e.f. October 16, 2023 | Interest rates (per cent per annum) w.e.f. October 18, 2023 | ||
|---|---|---|---|---|
| Single deposit of less than ₹2 Crores | Single deposit of ₹2 Crores & above but less than ₹5 Crores | |||
| General | **Senior Citizen | General | **Senior Citizen | |
| 7 days to 14 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 15 days to 29 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 30 days to 45 days | 3.50% | 4.00% | 5.50% | 5.50% |
| 46 days to 60 days | 4.25% | 4.75% | 5.75% | 5.75% |
| 61 days to 90 days | 4.50% | 5.00% | 6.00% | 6.00% |
| 91 days to 120 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 121 days to 150 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 151 days to 184 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 185 days to 210 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 211 days to 270 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 271 days to 289 days | 6.00% | 6.50% | 6.75% | 6.75% |
| 290 days to less than 1 year | 6.00% | 6.50% | 6.75% | 6.75% |
| 1 year to 389 days | 6.70% | 7.20% | 7.25% | 7.25% |
| 390 days to < 15 months | 6.70% | 7.20% | 7.25% | 7.25% |
| 15 months to < 18 months | 7.10% | 7.65% | 7.05% | 7.05% |
| 18 months to 2 years | 7.10% | 7.65% | 7.05% | 7.05% |
| 2 years 1 day to 3 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 5 years 1 day to 10 years | 6.90% | #7.50% | 7.00% | 7.00% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% | NA | NA |
Several private and public sector banks have revised their Fixed Deposit interest rates in the last couple of days. In its recent bi-monthly monetary policy announcement, the Reserve Bank of India (RBI) kept the repo rates unchanged at 6.5 percent.
The three-day MPC meeting Chaired by RBI Governor Shaktikanta Das, commenced on October 4 and concluded on October 6. Announcing the MPC’s decision Das said that the committee has unanimously decided to keep the repo rate at 6.5 percent.
