ICICI increases its interest rates on FCNR deposits

Mumbai, Mar 30 (UNI) Private sector banking major ICICI Bank has increased its interest rates on FCNR deposits with effect from yesterday.

Interest rates on FCNR (foreign currency non-resident) deposits for all currencies except the Japanese yen and tenures have been increased by 25 basis points, stated a release issued here today.

With this increase, the current interest rate for one-year FCNR deposits denominated in US dollars stands at 5.15 per cent per annum.

For a maturity period of 12 months and above but less than 24 months, the rate for dollar-denominated deposits has been increased to 5.15 from 4.90 per cent while for 24 months and above but less than 36 months, it has been increased to 5.13 per cent from 4.88 per cent.

For dollar-denominated deposits with a tenure of 36 months and above but less than 48 months, for those of 48 months and above but less than 60 months and for a 60-month tenure, the rate has been increased to 5.11 per cent from 4.86 per cent.

In the case of British pound-denominated deposits, the rate has been increased to 4.67 per cent from the earlier 4.42 per cent in case of deposits with a maturity period of 12 months and above but less than 24 months.

For 24 months and above but less than 36 months, it has been increased to 4.71 per cent from 4.46 per cent while for 36 months and above but less than 48 months, the rate has been upped to 4.73 per cent from 4.48 per cent.

For deposits with a maturity period of 48 months and above but less than 60 months, the interest rate has been hiked to 4.72 per cent from 4.47 per cent while for a tenure of 60 months, the rate has been hiked to 4.70 per cent from 4.45 per cent.

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