Mumbai: Leading private sector bank in the country, ICICI Bank has reduced the interest rates on fixed deposits. ICICI bank reduced the the interest rates on FDs worth more than Rs 2 crore but below Rs 5 crore that come with various maturity periods, by 5 basis points or 0.05%. Interest rates on FD schemes worth less than Rs 2 crore and on FD policies maturing in less than one year will remain unchanged. The new rates will be applicable to both general and senior citizen investors.
ICICI Bank has reduced the interest rate on FD scheme maturing between 15 to 18 months to 4.20% from 4.25%. The interest rate on FD plans with a tenure of 18 months to 2 years has been trimmed to 4.35% from 4.50%.
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The interest rate on schemes maturing between 2 years 1 day to 3 years is trimmed to 4.50% from 4.55. and the interest rate on term deposits with a maturity period between 3 years to 10 years has been reduced to 4.60% from4.65%.
Earlier several other banks have revised interest rates. These banks include State Bank of India, HDFC Bank, Bank of Baroda, and IndusInd Bank, among others.
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