ICICI Bank Raises Retail term-deposit Interest Rates by upto 25bps

MUMBAI:
ICICI Bank today announced an increase in interest rates of term-deposits of less than Rs 1 crore by upto 25 basis points. Effective from November 15, 2018, the rate hike is applicable across various tenors for domestic term-deposits. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term-deposits.

With this increase, the Bank offers a peak interest rate of 7.50% on term-deposits with a maturity of above 2 years upto 3 years. Pranav Mishra, Senior General Manager & Head – Retail Liabilities Group, 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. The 2-3 years tenor offers customers an opportunity to invest at a higher interest rate of 7.50% p.a. (8.00% p.a. for senior citizens). As a prudent asset allocation strategy, we feel customers should definitely look at capitalising on this opportunity.”

ICICI Bank offers term-deposits with various maturities starting as low as 7 days and upto 10 years. It also offers a 50 basis points higher interest rate to senior citizens across term-deposits of all maturities. Customers can open a term-deposit at any of the Bank’s branches. In addition, they can conveniently open a deposit from the comfort of their home/office or on-the-go, using the Bank’s internet and mobile banking platforms as well as from ATMs and phone banking.