ICICI Bank Recurring Deposit Rates Increased: India’s [leading private sector lender ICICI Bank has recently hiked its recurring deposit interest rates. The new rates have come effective from last week, the bank has said in a notification. The ICICI Bank offers its customers to save regularly with good rates of interest, where the customer can deposit as low as Rs 500 each month in the ICICI Bank RD account. The ICICI Bank RD interest Rates have been hiked by 10 to 15 basis points and comes at a time when banks are increasing their interest rates.
The new ICICI Bank RD rates depend upon the tenor, with senior citizens getting extra extra returns. The ICICI Bank Recurring Deposit interest rate hike has come into effect from May 21, 2022 and are applicable for deposits made by Indians and NRIs. “Open a recurring deposit (RD) account online with ICICI Bank and save up consistently and conveniently from today, so you can reap benefits tomorrow. With our RD facility, you can keep a track of your recurring transactions, avail a loan against your account and do so much more,” the bank says on its website.
ICICI Bank has hiked its RD interest rates on deposits ranging from 12 months up to 10 years, depending on the tenor and the category.
Here are the revised interest rates on recurring deposits at the HDFC Bank from May 21, 2022:
12 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
15 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
18 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
21 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
24 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
27 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
30 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
33 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
36 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
Above 3 Years and Up to 5 Years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
Above 5 Years and Up to 10 Years: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent
The ICICI Bank RD rate hike comes at a time when other banks including SBI, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank and others have already increased their interest rates following the repo rate hike by the RBI by 40 basis points or 0.40 per cent, to tackle the rising inflation rates in the country. It also comes days after HDFC Bank hiked its RD interest rates for its customers.
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