After raising Retail Fixed Deposit rates on 19th August 2022, ICICI Bank is all set to raise the interest rates on it’s Bulk Fixed Deposits from 22nd September 2022. As per RBI definition all Fixed Deposits below Rs. 2 Crore are classified as Retail Term Deposits (RTD) while deposits of Rs. 2 Crore and above are known as Bulk Term Deposits (BTD).
6.05% will the best rate and 3.5% will be the lowest rate that the bank will offer after this rate revision. Summary of the revised interest rate which will be effective from 22nd September is as below :
- 7-30 Days deposits will fetch 3.5%. The bank has applied 3.5% rate to the 15-30 days deposits here.
- 30-45 Days deposits will get 3.6% rate.
- 46-60 Days will be getting 4% interest rate.
- 61-90 Days will get 4.75%.
- 91-184 Days will now be at 5.25%. Here the 3 tenures 91-120, 121-150 & 151-184 will have the same rate.
- 185-270 Days rate has been pegged at 5.4%.
- 271-less than a year is placed at 5.6%.
- 1-5 Year is capped at 6.05%. This is the best rate which is offered by the bank in such segment of deposits.
- 5 years plus and up to tenure of 10 years is at 5.90%.
These Bulk Deposit rates which are offered for Rs. 2 Crore and above are competitive to the Retail Deposit rates which is offered for less than Rs. 2 Crore deposits. Note here that, in Bulk Deposits there is no special rate offered for senior citizens unlike Retail Deposits.