RBI urged to tighten banking norms after ICICI employee’s multi-crore FD fraud
They also emphasised the need for the central bank to strengthen its supervisory mechanisms to detect such frauds early and effectively.
Private sector lender ICICI Bank has revised its interest rates on fixed deposit (FD) with effect from November 20. The bank offers 16 different maturity options, ranging from seven days to 10 years, to its customers for fixed deposits up to Rs. 2 crore. After the latest updates, the bank is now offering interest rates from 4 —4.60 per cent to the customers FD up to Rs. 2 crore.
For senior citizens, the interest rates of FDs is comparatively higher than the general customers, it is between 4.5-7.10 per cent.
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Interest rates on Domestic, NRO & NRE deposits(Less than ₹ 2 crore)
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| Tenure Period | Rate of Interest (% p.a.) w.e.f November 20, 2019 | |
|---|---|---|
| General | Senior Citizen* | |
| 7 days to 14 days | 4.00 | 4.50 |
| 15 days to 29 days | 4.25 | 4.75 |
| 30 days to 45 days | 5.00 | 5.50 |
| 46 days to 60 days | 5.50 | 6.00 |
| 61 days to 90 days | 5.50 | 6.00 |
| 91 days to 120 days | 5.50 | 6.00 |
| 121 days to 184 days | 5.50 | 6.00 |
| 185 days to 289 days | 5.75 | 6.25 |
| 290 days to less than 1 year | 6.00 | 6.50 |
| 1 year to 389 days | 6.35 | 6.85 |
| 390 days to < 18 months | 6.35 | 6.85 |
| 18 months to 2 years | 6.60 | 7.10 |
| 2 years 1 day upto 3 years | 6.60 | 7.10 |
| 3 years 1 day upto 5 years | 6.60 | 7.10 |
| 5 years 1 day upto 10 years | 6.60 | 7.10 |
| 5 Years Tax saver FD(Max upto Rs. 1.50 lac) | 6.60 | 7.10 |
Recently, lenders like State Bank of India (SBI), HDFC Bank, Axis Bank, Punjab National Bank (PNB), Bank of Baroda (BoB), Kotak Mahindra Bank and Canara Bank also revised interest rates on FDs.
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