Private sector bank ICICI Bank has increased the interest rate on fixed deposits. ICICI Bank has increased the interest rate on FDs of 1 year to 10 years by 5 basis points.
The bank has increased the rates for single deposits of Rs 2 crore but less than Rs 5 crore. The new rates have come into effect from March 30, 2022. Now, ICICI Bank will offer 4.20 per cent interest on tenures ranging from 1 year to 389 days and 390 days to less than 15 months. Earlier the FD rate here was 4.15 percent.
In addition, the bank will pay 4.25 per cent interest for tenures ranging from 15 months to less than 18 months as compared to the previous 4.20 per cent, while the interest rate for FDs with tenures of 18 months to 2 years will be 4.35 per cent. Earlier it was 4.30 per cent. Meanwhile, depositors can now earn 4.55 per cent interest on tenures ranging from 2 years 1 day to 3 years. Also, the tenure rate of 3 years to 10 years will now be 4.65 per cent as against 4.6 per cent earlier.
The interest rates on the rest of the FDs will remain as before. That is, there has been no change in the rates of the rest of the FDs. Recently, ICICI Bank increased the interest rates of fixed deposits. ICICI Bank is offering 3.70 percent interest on tenures ranging from 271 days to less than 1 year. Apart from this, 3.6 percent interest is available on the tenure between 185 days to 270 days, while the interest rate on the tenure of 91 days to 184 days is 3.35 percent.
3% interest is being offered on the tenure of 61 days to 90 days. Apart from this, ICICI Bank is offering 2.75 per cent interest on FDs between 30 days to 60 days. At the same time, the interest rate on the tenure of 7 days to 29 days is 2.5 percent, which is the lowest.
These rates are applicable to both general and senior citizens. These revised interest rates will be applicable on fresh deposits and renewal of existing fixed deposits. The private lender said that ICICI Bank will acquire one million equity shares in Open Network for Digital Commerce (ONDC). After the acquisition, the bank will have a 5.97% stake in ONDC. ICICI Bank said in a regulatory filing, the bank has accepted the proposal to acquire 10,00,000 equity shares of Open Network for Digital Commerce on March 28, 2022.
The Open Network for Digital Commerce (ONDC) was incorporated on December 30, 2021, which is engaged in creating an open public digital infrastructure to grow and transform the Indian digital commerce ecosystem for goods and services. It aims to expand the options for buyers and sellers to join the digital commerce space.