Following the rate hike trend, ICICI Bank has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore by up to 40 basis points on select tenors. The new rates are effective from August 19, 2022. Now interest rates between 2.75 per cent to 6.10 per cent will be offered for regular citizens for tenures ranging from 7 days to 10 years.

According to the bank’s website, fixed deposits with maturities of one year to two years will now attract 5.50 per cent interest from 5.35 per cent earlier, with an increase of 15 basis points, while those with maturities of two years one day to three years will now attract interest. Will get interest. 5.50 percent to 5.60 percent interest.

ICICI Bank will now offer 5.7 per cent to 6.10 per cent interest rate on three-year one-day to five-year fixed deposits, an increase of 40 bps, and 5.90 per cent interest rate from five years one day to ten years, the interest rate offered earlier From 5.75 percent. Bank is offering 6.10 percent on Tax Saving FD.

ICICI FD Interest Rates

other banks

After the Reserve Bank of India hiked the repo rate by 50 basis points in its August monetary policy review meeting, several large banks, including those, have already increased their fixed deposit interest rates.

FD Ladder

Creating an FD ladder is one of the best ways to manage fixed income instruments. Especially senior citizens who primarily depend on these products for investments can benefit from using it to increase returns and manage liquidity. While creating an FD ladder, you split a large FD into smaller FDs instead of booking them for a longer period.