According to the bank’s website, the rate was increased by 25 basis points from 2.75% to 3% for FD tenors of 7 days to 29 days. ICICI Bank will now offer an interest rate of 3.50% for tenors ranging from 30 days to 90 days, an increase of 25 basis points from 3.25%. The bank will now offer 4.25% interest rates for tenures ranging from 91 days to 184 days, as against 4% earlier. The bank will now offer 4.90% instead of 4.65% for periods ranging from 185 days to less than one year.
After the increase, ICICI Bank will now offer an interest rate of 5.50% to 5.70% on deposits of one year to less than two years. The bank will now offer an interest rate of 5.60% to 5.80% for tenures ranging from 2 years and one day to 3 years. The bank will continue to offer 5 years (80C FD) with tenure of 3 years 1 day to 5 years at 6.10% as well as with a maximum cap of Rs 1.50 lakh. The tenure of 5 to 10 years will now be given at 6%, which was 5.90% earlier.
ICICI Bank recurring deposit interest rate
For Recurring Deposit (RD) ICICI Bank will now offer interest rates ranging from 4.25% to 6.10% for tenures ranging from 6 months to 10 years.
Source: Bank’s website
Penalty for delay in RD installment
According to ICICI Bank’s website, “Penalty at the rate of Rs 12 per Rs 1000 is charged on monthly interest for all delayed installments. A fraction of a month will be treated as a full month for the purpose of computing such interest. The total interest so chargeable shall be recovered from the total amount of interest payable at the time of maturity.”