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ICICI Bank has slashed interest rates on fixed deposits (FDs) on selected tenures. The bank offers fixed deposits ranging from 7 days to 10 years. After the latest revision, ICICI Bank gives 2.5% interest on deposits maturing in 7 days to 29 days, 3% for 30 days to 90 days, 3.5% for FDs maturing in 91 days to 184 days. On deposits maturing in 185 days to less than less than 1 year, ICICI Bank gives an interest rate of 4.40%.
The bank has cut the interest rate on deposits maturing in one year to two years. After the latest revision, these deposits will 10 basis points (bps) lower interest rates. Term deposits maturing in 1 year to less than 18 months will fetch an interest rate of 4.9%. Now, FDs with tenure of 18 months to 2 years will give you 5% interest.
Term deposits maturing in 2 years to 3 years will give 5.15%, 3 years to 5 years 5.35%, and 5 years to 10 years 5.50%.
These rates are applicable from 21 October.
Senior citizens will continue to get a 50 basis points (bps) higher interest rate than others. After the latest revision, senior citizens will get interest ranging from 3% to 6.3% on FDs maturing in 7 days to 10 years.
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