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17 February, 2020 15:09 IST
ICICI Bank raises retail term-deposit interest rates by upto 25bps
Source: IRIS | 15 Nov, 2018, 09.55AM
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ICICI Bank announced an increase in interest rates of term-deposits of less than Rs 10 million by upto 25 basis points. Effective from November 15, 2018, the rate hike is applicable across various tenors for domestic term-deposits. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term-deposits. 

With this increase, the Bank offers a peak interest rate of 7.50% on term-deposits with a maturity of above 2 years upto 3 years. 

Pranav Mishra, Senior General Manager & Head, Retail Liabilities Group, said, ''With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns. The 2-3 years tenor offers customers an opportunity to invest at a higher interest rate of 7.50% p.a. (8.00% p.a. for senior citizens). As a prudent asset allocation strategy, we feel customers should definitely look at capitalising on this opportunity.'' 

ICICI Bank offers term-deposits with various maturities starting as low as 7 days and upto 10 years. It also offers a 50 basis points higher interest rate to senior citizens across term-deposits of all maturities.  

Customers can open a term-deposit at any of the bank's branches. In addition, they can conveniently open a deposit from the comfort of their home/office or on-the-go, using the Bank's internet and mobile banking platforms as well as from ATMs and phone banking. 

Shares of the company declined Rs 3.25, or 0.89%, to trade at Rs 363.35. The total volume of shares traded was 90,876 at the BSE (9.47 a.m., Thursday).

I C I C I Bank Limited   (Q,N,C,F)*

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