As we all know that banks have slashed term deposit rates insignificantly, those who depend on assured returns finds it difficult to survive. Retired employees(senior citizens) have been facing far lower returns than the inflation rate in India.
To their surprise India’s leading private bank ICICI Bank has hiked term deposit interest rates slightly higher than the existing interest rates. The new interest rates are applicable from January20th, 2022 and this is considered to be really good news for senior citizens and for those who depends on interest income.
The New Interest Rates applicable are given below(as per ICICI Bank official website)-
|Deposit Term Period||Interest Rate Applicable(in Percentages)|
|7 to 14 days||2.50|
|15 to 29 days||2.50|
|30 to 60 days||3.00|
|61 days to 90 days||3..00|
|Greater than 91 days to less than 164 days||3.50|
|Greater than 165 days to less than 1 year||4.40|
|1 Year to 389 days||5.00|
|390 days to less than 15 months||5.00|
|Greater than 15 months to less than 2 years||5.00|
|Greater Than 2 Years to 3 Years||5.20|
|Greater Than 3 Years to less than 5 years||5.45|
|Greater Than 5 Years to 10 Years||5.60|
The above data is fetched from the official website of ICICI Bank of term deposits less than 20 million. senior citizens would be entitled 0.50% extra interest rate.