ICICI Bank raises retail term-deposit interest rates by upto 25bps

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ICICI Bank offers 7.50% on term-deposits for tenor above 2 years upto 3 years

ICICI Bank today announced an increase in interest rates of term-deposits of less than Rs 1 crore by upto 25 basis points. Effective from November 15, 2018, the rate hike is applicable across various tenors for domestic term-deposits. It is also applicable for Non Resident Ordinary (NRO) & Non Resident External (NRE) term-deposits.

With this increase, the Bank offers a peak interest rate of 7.50% on term-deposits with a maturity of above 2 years upto 3 years.

Pranav Mishra, Senior General Manager & Head – Retail Liabilities Group, said, “With the prevailing volatility in financial market, we see renewed interest by customers to invest in fixed deposits which offer a combination of attractive interest rates, liquidity and assured returns. The 2-3 years tenor offers customers an opportunity to invest at a higher interest rate of 7.50% p.a. (8.00% p.a. for senior citizens). As a prudent asset allocation strategy, we feel customers should definitely look at capitalising on this opportunity.”

ICICI Bank offers term-deposits with various maturities starting as low as 7 days and upto 10 years. It also offers a 50 basis points higher interest rate to senior citizens across term-deposits of all maturities.

Customers can open a term-deposit at any of the Bank’s branches. In addition, they can conveniently open a deposit from the comfort of their home/office or on-the-go, using the Bank’s internet and mobile banking platforms as well as from ATMs and phone banking.

The new term-deposit rates effective from November 15, 2018 are as below:

New term-deposit rates

Except for the historical information contained herein, statements in this release, which contain words or phrases such as ‘will’, ‘would’, etc., and similar expressions or variations of such expressions may constitute ‘forward looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the “I man” logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

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