Business   

ICICI Bank increases deposit rates

Staff Reporter

Kochi: ICICI Bank has announced an increase in the interest rate on fixed deposits across various tenures and amounts in the range of 0.25 per cent to 1.5 per cent with effect from January 20.

According to a press release, the bank has launched a new product, an 890-day fixed deposit with an interest rate of 9 per cent a year. This scheme bears one of the highest yields in the market and is ideal for customers looking to invest in a mid-term deposit, the release says.

The bank offers higher interest rates for senior citizens. Senior citizen's fixed deposit has interest rates higher by 0.25 per cent to 1.25 per cent across various tenures. For the 890-day fixed deposit, senior citizens will get an interest rate of 9.25 per cent per year. The 390-day fixed deposit now gives an increased rate of 8.57 per cent.

The release says that the bank has an option in the form of ICICI Bank tax saver fixed deposit for customers wanting to invest in a tax-saving instrument. This fixed deposit offers customers dual benefits of high returns with 8.25 per cent annual interest rate compounded quarterly and tax saving under Section 80C.The scheme requires a minimum investment of Rs. 10,000 ranging up to Rs. 1,00,000 and a lock-in period of five years.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

UTI Bank to enter Hong Kong, Dubai
Export surge continues
CUB net up
`Detariffing is part of move to hike FDI in insurance'
Bank organises customers' meet
Maruti launches new diesel car
ICICI Bank increases deposit rates
Australian tourists visit Spices Board office
Ranbaxy gets relief
Pahilajani joins Caparo board
Vodafone bid likely in a few weeks
Union Bank to expand in Karnataka

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu