ICICI Bank, one of the leading private sector banks, has given a big blow to its customers during the festive season. The bank has cut the interest rates of its Fixed Deposit. The bank has cut interest on FD by Rs 2 crore. This FD is a premature withdrawal facility. The revised interest rates on FD have come into effect from 21 October.
The FDs that the bank has reduced interest rate include 389 days from 1 year, 390 days and less than 18 months and FD of 18 months and 2 years. The interest rate for these terms has been reduced by 0.10 percent. Interest rates have not changed for the rest of the maturity period.
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Now in ICICI Bank, the common citizens will get 4.90 percent interest on FD of less than Rs 2 crore for 1 year to 389 days and 390 days and FDs less than 18 months. Earlier this interest rate was 5 percent. At the same time, interest on FD for 18 months and 2 years is now 5 percent per annum for the common people, which was 5.10 percent earlier.
The scheme was launched for senior citizens. Earlier ICICI bank launched a new FD scheme amid lockdown. This FD is especially for senior citizens. ICICI Bank named this FD scheme ICICI Bank Golden Years FD. In the Golden Year FD scheme, senior citizens can get a fixed deposit for a minimum of 5 years and a maximum of 10 years. FDs of up to two crore rupees can be done in this scheme. On getting FD in this scheme, they will get interest at the rate of 6.55 percent per annum.