ICICI Bank on Monday raised interest rates on deposits by non-resident Indians by 13 to 52 basis points. The increase in interest rates on FCNR deposits by 14 to 21 bps comes in the backdrop of the banking industry having used up all the dollar deposits for lending.
The interest rates on non-resident external savings accounts have been increased by 52 basis points to 4.23 per cent, while on NRE fixed deposits by up to 20 bps.
For NRE deposits of 12 months and less than 18 months, interest rates has been raised to 4.94 per cent from 4.74 per cent.
For deposits above 18 months but less than 24 months, the rate has been increased to 5.02 per cent (4.84 per cent) and for 24 months but less than 36 months, it has been revised to 5.10 per cent (4.95 per cent).
ICICI Bank will offer interest rates on NRE deposits of 36 months to 120 months to 5.12 per cent from 4.99 per cent.
The interest rate on FCNR deposits in dollars for maturity period of 12 months and less than 24 months, has been revised to 4.20 per cent from 3.99 per cent and for 24 months and less than 36 months to 4.34 per cent from 4.20 per cent.
The rate on deposits of 36 months has been increased to 4.40 per cent from 4.24 per cent.
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