ICICI Bank raised interest rates by 5 basis points on fixed deposits below Rs 2 crore across certain tenors effective June 22. The FD rates of ICICI Bank now stand range from 2.75% to 5.75% for maturities from 7 days to 10 days.
Term deposits with a maturity of 185 days to less than a year will now earn 4.65% from 4.60% earlier. The rate on FD with a maturity duration of 1 year to 2 years will get 5.35% from 5.30% earlier. Interest rates on other tenors remained unchanged.
All major banks such as HDFC Bank, SBI, Axis Bank, and others raised interest rates after the Reserve Bank of India hiked the repo rates by 50 basis points in its monetary policy meet on June 8, 2022.