ICICI Bank has decided to increase its FD rates by 5 basis points. This increase in the FD rate by the bank has been increased from today i.e. from June 22.
New Delhi. There is good news for the customers of ICICI Bank, the leading private sector bank. Private sector bank ICICI Bank has announced to increase the FD rate for its customers. ICICI Bank customers will now get the benefit of more interest on FD deposits.
How much will you get FD interest
ICICI has decided to increase its FD rates by 5 basis points. This increase in the FD rate by the bank has been increased from today i.e. from June 22. This interest has been increased on FD deposits of less than 2 crores.
According to the information received by the ICICI Bank website, customers of the bank will now get 2.75 percent interest on FDs of 7 to 14 days. At the same time, FDs of 91 to 120 days will now get the benefit of 3.75 percent interest. Whereas on FDs of 185 to 210 days, 4.65 percent and on FDs of 290 days to less than 1 year, the bank will get the benefit of 4.65 percent interest.
The bank will pay 5.35 percent interest on FDs of 390 days to 15 months and 5.35 percent interest on FDs of 18 months to 2 years. Whereas on FDs with a tenure of 3 years one day to 5 years, 5.7 percent, FDs with tenures of 5 years one day to 10 years will now get the benefit of 5.75 percent interest rate.
ICICI Bank has reduced the interest rates to 5.7 percent on tax-exempt FDs under Section 80C of the Income Tax Act , 0.50 percent more interest to senior citizens . On the other hand, senior citizens will get 0.50 percent more interest on all these FDs.
Why was the interest on FD increased?
Let us tell you that on the 8th of this month, RBI had increased the repo rate. The Reserve Bank of India has decided to increase the repo rate once again to control the rising inflation.
RBI has increased the repo rate by 0.5 percent, after which the repo rate has increased to 4.9 percent. Ever since the increase in repo by RBI, it was believed that banks would give the benefit of higher interest on FD to the customers.
