ICICI Bank revises interest rates on NRE, FCNR deposits

Mumbai, May 1 (UNI) Private sector banking major ICICI Bank today revised upwards its interest rates on NRE fixed deposits to 6.33 per cent per annum while one-year FCNR deposits denominated in US dollars have been increased to 5.33 per cent per annum.

A release here today said that interest rates on GBP and Euro-denomiated FCNR deposits have been increased by up to 25 bps and 23 bps respectively for various maturities with the revisions coming into effect from today.

With regard to NRE deposits of 12 months and above but less than 18 months, the interest rate stands revised to 6.33 per cent from the earlier 6.30 per cent, while for 18 months and above but less than 24 months and 24 months and above but less than 36 months, the rate stands revised to 6.34 per cent from 6.30 per cent.

For a maturity period of 36 months to 120 months, the new rate is 6.35 per cent as against the earlier 6.30 per cent.

With regard to dollar-denominated FCNR deposits, the new interest rate for a maturity period of 12 months and above but less than 24 months and for a maturity period of 24 months and above but less than 36 months, it stands revised to 5.33 per cent and 5.34 per cent respectively as against the earlier 5.29 per cent.

For a maturity period of 36 months and above but less than 48 months, 48 months and above but less than 60 months and for 60 months, the rates stand revised upwards to 5.35 per cent, 5.39 per cent and 5.43 per cent respectively.

UNI JJ PP SKB1705