The following interest rates will apply to ICICI Bank single deposits of Rs. 2 crore and above but less than Rs. 5 crore as of November 23, 2023. View the details.
Overview
The fixed deposit (FD) rates for the general public and senior citizens who make single deposits of Rs 2 crores and above but less than Rs 5 crores have been revised by private sector lender ICICI Bank. The bank website stated that as of 23rd November 2023, the ICICI Bank FD Rates are in effect.
In a significant financial development, ICICI has recently announced a modification to its fixed deposit rates, effective from 23rd November 2023. As we navigate the intricate world of personal finance, staying informed about such changes is paramount to making sound investment decisions. In this article, we delve into the details of ICICI’s latest move and explore what it means for current and prospective investors.
ALSO READ : Infosys Enthusiastically Hiring Engineering Graduates For Technology Analyst Position In 2023
ICICI fixed deposit interest rates
Starting from 23rd November 2023, the following interest rates (in percent per annum) will apply to single deposits of Rs 2 crore and above but less than Rs 5 crore:
| Maturity Period | Interest rates (per cent per annum) w.e.f. October 16, 2023 | Interest rates (per cent per annum) w.e.f. November 23, 2023 | ||
|---|---|---|---|---|
| Single deposit of less than ₹2 Crores | Single deposit of ₹2 Crores & above but less than ₹5 Crores | |||
| General Citizen Interest Rates | **Senior Citizen Interest Rates | General Citizen Interest Rates | **Senior Citizen Interest Rates | |
| 7 days to 14 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 15 days to 29 days | 3.00% | 3.50% | 4.75% | 4.75% |
| 30 days to 45 days | 3.50% | 4.00% | 5.50% | 5.50% |
| 46 days to 60 days | 4.25% | 4.75% | 5.75% | 5.75% |
| 61 days to 90 days | 4.50% | 5.00% | 6.00% | 6.00% |
| 91 days to 120 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 121 days to 150 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 151 days to 184 days | 4.75% | 5.25% | 6.50% | 6.50% |
| 185 days to 210 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 211 days to 270 days | 5.75% | 6.25% | 6.65% | 6.65% |
| 271 days to 289 days | 6.00% | 6.50% | 6.75% | 6.75% |
| 290 days to less than 1 year | 6.00% | 6.50% | 6.75% | 6.75% |
| 1 year to 389 days | 6.70% | 7.20% | 7.25% | 7.25% |
| 390 days to < 15 months | 6.70% | 7.20% | 7.25% | 7.25% |
| 15 months to < 18 months | 7.10% | 7.65% | 7.05% | 7.05% |
| 18 months to 2 years | 7.10% | 7.65% | 7.05% | 7.05% |
| 2 years 1 day to 3 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 3 years 1 day to 5 years | 7.00% | 7.50% | 7.00% | 7.00% |
| 5 years 1 day to 10 years | 6.90% | #7.50% | 7.00% | 7.00% |
| 5 Years (80C FD) – Max to `1.50 lac | 7.00% | 7.50% | NA | NA |
Other bank’s fixed deposit rates
In the past few days, a number of banks, both public and private, have changed the interest rates on their Fixed Deposits.
The interest rates on Yes Bank’s fixed deposits for deposits under Rs. 2 crore have been revised by the private sector lender. The bank has added 25 basis points to the interest rate on FDs with a term of one year and one day, bringing them to < 18 months and < 24 months, respectively.
Indian Overseas Bank (IOB), a public sector lender, has updated the interest rates on its fixed deposits for deposits under Rs. 2 crore. The bank has reduced the interest rates on 444 Days FD by 15 basis points, but it has raised the interest rates on FDs from 1 Year to < 2 Years (Except 444 Days) by 30 basis points.
Understanding the change
Why the Adjustment?
ICICI Bank’s decision to change its fixed deposit rates is rooted in a complex interplay of economic factors. As the financial landscape evolves, banks often recalibrate their offerings to align with prevailing market conditions. This move is a strategic response to ensure that the bank remains competitive and adaptive to the dynamic financial environment.
Impact on Existing Depositors
For individuals who already have fixed deposits with ICICI, the rate adjustment prompts a reassessment of their investment strategy. While existing deposits remain unaffected until maturity, this shift underscores the importance of staying vigilant and exploring options as the financial landscape evolves.
Key details you need to know
New Rates and Tenure Options
ICICI Bank’s new fixed deposit rates come with a range of tenure options to cater to diverse investor preferences. Whether you are looking for short-term gains or a more extended investment horizon, the updated rates offer a spectrum of choices. It is advisable to carefully evaluate these options based on your financial goals and risk appetite.
Interest Calculation Methodology
Understanding how interest is calculated is crucial for investors aiming to maximize returns. ICICI Bank employs a compounding method, ensuring that your returns not only accumulate on the principal amount but also on the previously accrued interest. This can significantly impact the overall growth of your investment over time.
What sets ICICI bank apart?
Customer-Centric Approach
ICICI Bank’s commitment to customer satisfaction extends beyond competitive interest rates. The bank has consistently invested in digital infrastructure, providing customers with a seamless and user-friendly banking experience. From online account management to real-time customer support, ICICI Bank is at the forefront of embracing technology to enhance customer convenience.
Transparent Communication
In an era where transparency is paramount, ICICI Bank stands out for its clear and concise communication regarding policy changes. The advance notice about the fixed deposit rate adjustment exemplifies the bank’s commitment to keeping its customers well-informed. This transparency fosters trust and empowers customers to make informed financial decisions.
Planning your next steps
Reviewing Your Portfolio
In light of ICICI Bank’s fixed deposit rate adjustment, now is an opportune moment to review your overall investment portfolio. Consider consulting with a financial advisor to ensure that your investments align with your financial goals and risk tolerance. Diversification and periodic portfolio reviews are key components of a robust investment strategy.
Exploring Other Investment Avenues
While fixed deposits offer stability, exploring other investment avenues can add diversification to your portfolio. From mutual funds to government schemes, the financial landscape is replete with options catering to different risk appetites. A well-balanced and diversified portfolio can enhance your overall financial resilience.
Conclusion
In conclusion, ICICI Bank’s decision to adjust its fixed deposit rates marks a pivotal moment for investors. By staying informed and proactive, you can navigate these changes strategically. Whether you are an existing depositor or contemplating new investments, understanding the nuances of this adjustment empowers you to make sound financial decisions.
To explore more news – click here
ALSO READ : Slutty Vegan’s CEO Pinky Cole : Real Value Of Higher Education Lies In Networking, Not Academics
