The Reserve Bank has recently been steadily raising interest rates to combat the nation's increasing inflation. The repo rate jumped from 4.00 per cent to 5.90 per cent this year (RBI Repo Rate). Due to the rising repo rate in this situation, the banks' interest rates on loans and deposits are also rising steadily. Recently, ICICI Bank and Axis Bank, two major private sector banks, decided to raise the interest rate on their fixed-term deposits (FDs) under Rs 2 crore. The FD there had a 20 basis point rise from Axis Bank. ICICI Bank also raised its fixed-rate deposit by 30 basis points at the same time.
New ICICI Bank FD interest rates:
The interest rate on FDs under Rs 2 crore would now be higher thanks to ICICI Bank's decision (ICICI Bank FD Rates). The 16th of November 2022 saw the implementation of these new rates. For FDs with terms ranging from seven days to ten years, the bank is giving interest rates between three per cent and six per cent to its broad clientele. For a period of seven to fourteen days, the bank is giving a 3.00 per cent rate of interest. Moreover, 3.50 per cent on FDs of 30 to 45 days, 3.75 per cent on FDs of 46 to 60 days, 4.25 per cent on FDs of 61 to 90 days, 4.50 per cent on FDs of 91 to 184 days, and 5.25 per cent on FDs of 185 to 289 days will be charged.
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On FDs with terms of 290 days or more, ICICI Bank is giving an interest rate of 5.50 per cent. In addition, the bank is giving interest rates of 6.10 per cent on FDs between one year and fifteen months, 6.40 per cent on FDs between fifteen months and two years, and 6.50 per cent on FDs lasting longer than two years.
New Axis Bank FD interest rates:
Axis Bank has also raised its fixed-rate deposits (FDs) of under 2 crores by 20 basis points (Axis Bank FD Rates). As on November 15, 2022, these new rates are in effect. The bank offers 3.50 per cent interest on FDs with terms between 7 and 45 days to ordinary citizens, 4.00 per cent on FDs with terms between 46 and 60 days, and 4.50 per cent interest on FDs with terms between 61 and 6 months to bank customers.
The interest rates for FDs from 6 months to 9 months, 9 months to 1 year, and 1 year to 15 months are 5.25 per cent, 5.50 per cent, and 6.25 per cent, respectively. The bank is offering FD rates of 6.50 per cent from 18 months to 10 years and 6.40 per cent from 15 months to 18 months.
