FDI rate increase: To combat the nation’s rising inflation, the Reserve Bank has recently been steadily raising interest rates. This year, the repo rate increased from 4.00% to 5.90%. (RBI Repo Rate). In this situation, the banks’ interest rates on loans and deposits are steadily rising due to the rising repo rate. Two major private sector banks, ICICI Bank and Axis Bank, recently decided to raise the interest rate on their fixed-term deposits (FDs) under Rs 2 crore. Axis Bank increased the FD there by 20 basis points. At the same time, ICICI Bank increased its fixed-rate deposit by 30 basis points.
New ICICI Bank FD interest rates:
Because of ICICI Bank’s decision, the interest rate on FDs under Rs 2 crore will now be higher (ICICI Bank FD Rates). These new rates went into effect on November 16th, 2022. The bank offers its broad clientele interest rates ranging from 3% to 6% on FDs with terms ranging from seven days to ten years. The bank is offering a 3% interest rate for a period of seven to fourteen days. Furthermore, 3.50 percent on FDs of 30 to 45 days, 3.75 percent on FDs of 46 to 60 days, 4.25 percent on FDs of 61 to 90 days, 4.50 percent on FDs of 91 to 184 days, and 5.25 percent on FDs of 91 to 184 days.
ICICI Bank offers a 5.50 percent interest rate on FDs with terms of 290 days or more. Furthermore, the bank offers 6.10 percent on FDs lasting one year to fifteen months, 6.40 percent on FDs lasting fifteen months to two years, and 6.50 percent on FDs lasting more than two years.
Axis Bank interest rate
Axis Bank has also increased the interest rate on fixed-rate deposits (FDs) of less than 2 crore rupees by 20 basis points (Axis Bank FD Rates). These new rates will take effect on November 15, 2022. Ordinary citizens can earn 3.50 percent interest on FDs with terms of 7 to 45 days, 4.00 percent interest on FDs with terms of 46 to 60 days, and 4.50 percent interest on FDs with terms of 61 to 6 months.
The interest rates for 6-to-9-month, 9-to-1-year, and 1-year-to-15-month FDs are 5.25 percent, 5.50 percent, and 6.25 percent, respectively. The bank is offering FD rates of 6.50 percent for terms ranging from 18 months to 10 years and 6.40 percent for terms ranging from 15 months to 18 months.