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Private bank hikes interest rate on fixed deposits

Mumbai: Leading private sector lender in the country, ICICI Bank has hiked the interest rate of  fixed deposits (FD) of more than Rs 2 crores and less than Rs 5 crores. The rate is hiked by 1.5%.  ICICI Bank is now offering a minimum interest of 4.50% and a maximum of 7.15% to the general public. The same will be applicable for senior citizens.

The bank has increased the interest rate on FDs of 7-29 days from 3% to 4.50%. The interest rate on FDs of 30-45 days has been increased to 5.25%, which was earlier 3.50%.

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The interest rate on FDs of 46-60 days has been hiked from 4% to 5.50%, for 61-90 days from 4.50% to 5.75%, for 91-184 days the FD rate has been increased from 4.75% to 6.25%. The rate has been increased to 6.50% on 185-270 days, interest on FDs ranging from 271 days to less than 1 year has now become 6.65%.

Meanwhile, the lender has reduced the  interest rate on FDs of 1 year to less than 15 months to 7.10%. The  interest rate on FDs of  15 months to 2 years is reduced to 7.15%, FDs of 2 years, 1 day to 3 years to 7%. The interest rate on FDs ranging from 3 years 1 day to 10 years has been reduced to 6.75%. FD interest rate for 5 years 1 day to 10 years reduced to 6.75%.




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