ICICI Bank hikes interest rates on fixed deposits of less than Rs 1 cr

Mumbai: Private lender ICICI Bank on Wednesday raised interest rates on term deposits of less than Rs 1 crore by 10-25 basis points (bps), effective from November 15.

The bank said in a statement that the rate hike is applicable across various maturities of domestic term deposits and also on Non Resident Ordinary (NRO) and Non Resident External (NRE) term deposits.

“With this increase, the bank offers a peak interest rate of 7.50 per cent on term-deposits with a maturity of above two years up to three years,” the statement said.

Pranav Mishra, Senior General Manager, ICICI Bank, said, “With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns.”