Interest Rate hike again..? Jackpot for ICICI Bank customers!

Sowmiya Sriram
Interest Rate hike again..? Jackpot for icici bank customers!

Recently we have seen that all the banks have increased the interest rate on fixed deposits after the reserve bank of india hiked the repo rate. Similarly, icici bank also recently increased the interest rate for fixed deposit customers up to Rs 2 crore. On 22nd june this year, icici bank increased the interest rate on fixed deposits up to Rs 2 crore. The rate hike has increased the interest rate on fixed deposits between Rs 2 crore and Rs 5 crore from July 11. The reserve bank of india recently hiked the repo rate by 40 points and 50 points to 90 points respectively. We have already seen that following this all the private and public sector banks have increased the interest rate on fixed deposits.
ICICI Bank, India's second-largest private sector bank, last month raised interest rates on fixed deposits up to Rs 2 crore. In this situation, icici bank has announced a new interest rate for customers who deposit more than 2 crores to 5 crores. Due to the risk involved in various investments such as stock market and mutual funds, many customers are making their investments in Fixed Deposits due to the rise in interest rates.
According to the official website of icici bank, the new interest rates for fixed deposit investments between Rs 2 crore and Rs 5 crore have been changed with effect from July 11. Let us now look at the revised interest rates.

 

From 7 - 14 days: 3.10 percent; For senior citizens - 3.10 percent
From 15 - 29 days: 3.10 percent; For senior citizens - 3.10 percent
 30 - 45 days: 3.25 percent; For senior citizens - 3.25 percent
 From 46 - 60 days: 3.50 percent; For Senior Citizens - 3.50 percent
 From 61 - 90 days: 4.00 percent; For senior citizens - 4.00 percent
 From 91 - 120 days: 4.75 percent; For senior citizens - 4.75 percent
 From 121 - 150 days: 4.75 percent; For senior citizens - 4.75 percent
From 151 - 184 days: 4.75 percent; For senior citizens - 4.75 percent
From 185 - 210 days: 5.25 percent; For senior citizens - 5.25 percent
 From 211 - 270 days: 5.25 percent; For senior citizens - 5.25 percent

From 271 - 289 days: 5.35 percent; For senior citizens - 5.35 percent
290 - Up to 1 year: 5.35 percent; For senior citizens - 5.35 percent
1 - Up to 389 days: 5.60 percent; For senior citizens - 5.60 percent
390 - Up to 15 months: 5.60 percent; For senior citizens – 5.60 percent
15 months to 18 months: 5.75 percent; For senior citizens - 5.75 percent

 18 - Up to 2 years: 5.75 percent; For senior citizens – 5.75 percent
2 years 1 day to 3 years: 5.75 percent; For senior citizens - 5.75 percent3 years 1 day to 5 years: 5.75 percent; For senior citizens - 5.75 percent
5 years 1 day to 10 years: 5.75 percent; For senior citizens – 5.75 percent
It is to be noted that while the interest rate for senior citizens has been increased by 0.50 percent over general customers for fixed deposits of up to Rs.2 crore, senior citizens who make fixed deposits above Rs.2 crore will be given the same interest rate as general customers.
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