Private sector lender ICICI Bank has hiked interest rates on some Fixed Deposit (FD) plans with effect from August 14, 2018. The Mumbai-based bank has raised interest rates between 15 basis points (or 0.15 per cent) and 25 basis points (or 0.25 per cent) on select term deposits.
ICICI Bank staff will get an additional 1 per cent interest on domestic FDs below Rs 1 crore, the bank said in a statement.
The new FD rates are valid for both general and senior citizens.
ICICI Bank's FD rates revision has been announced after largest public sector lender SBI, mortgage lender HDFC and Canara Bank revised interest rates on select FDs post RBI rate hike in the beginning of this month.
On August 1, the Reserve Bank of India's Monetary Policy Committee (MPC), in its third bi-monthly statement, hiked the key repo rate by 25 basis points (bps) to 6.50 per cent.
SBI had already raised its FD rates two days ahead of the announcement by the RBI.
On July 31, 2018, SBI revised interest rates on domestic term deposits (below Rs 1 crore) by 5-10 basis points in four maturity slabs of one year and above with effect from July 30.
While deposit rates up to one year were kept unchanged, the bank raised the deposit rate for duration of 1 year to less than 2 years by 5 basis points from 6.65 per cent to 6.70 per cent.
For the duration of two years to less than three years and three years to less than five years maturity slabs, the deposit rates were raised by 10 basis points each to 6.75 per cent (6.65 per cent) and 6.80 per cent (6.70 per cent), respectively. In the five year to 10-year slab too, the deposit rate was raised by 10 basis points to 6.85 per cent (6.75 per cent).
Written and edited by Aseem Thapliyal