Finance Desk – ICICI Bank and Axis Bank, have recently updated their fixed deposit (FD) interest rates. These changes attract more depositors by offering competitive rates.
ICICI Bank’s New FD Rates
ICICI Bank has implemented new rates for its fixed deposits. Now interest rates vary from 3% to 7.20%, depending on the duration of the deposit. For senior citizens ranging from 3.5% to 7.75%. Deposits with a tenure of 15 to 18 months, as well as those from 18 months up to 2 years, get interest rate of 7.20%.
For one-year deposits, the rate is 6.7%, while deposits for three to five years will earn 7%. Short-term deposits, will see rates between 3% and 6%.
Axis Bank’s Revised FD Rates
Axis Bank also revised its FD rates. Regular citizens will see rates between 3% and 7.2%, and senior citizens get 3.5% to 7.75%. The highest rate of 7.2% is available for deposits lasting 17 to 18 months. One-year term deposits have an interest rate of 6.7%, while two-year terms offer 7.10%.
Deposits with a duration of three and four years get a rate of 7.10%, and a five-year deposit offers a rate of 7%. For very short terms, 7 to 29 days, the interest rate starts at 3% and goes up to 4.25% for 46 to 60 days. Deposits between 9 and 12 months 6% interest rate.
Both banks have set these rates for deposits up to a certain amount—₹3 crore for ICICI Bank and ₹5 crore for Axis Bank.
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