One of the key participants in the private sector, ICICI Bank, today disclosed an increase in interest rates on fixed deposits under Rs. 2 crores.
On December 16, 2022, the new rates went into effect, according to the bank’s official website. Following the change, the bank raised interest rates on deposits by up to 60 basis points (bps) for maturities ranging from 46 days to 10 years.
In reaction to the interest rate increase on bank fixed deposits brought on by the RBI’s most recent repo rate hike, non-senior individuals can now receive up to 7.00% and senior citizens can now receive up to 7.50% on fixed deposits booked with ICICI Bank.
This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.