NEWS & ADVICE : FIXED DEPOSITS
The ICICI Bank Increases The Interest Rate By .75 Percent For The Deposits
By Neelima Shankar
Aug 23, 2013
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The ICICI Bank has increased the rare of interest by .75% for the fixed deposits, for the 46 to 60 days deposits. It is the same for the deposits for the 61-289 day deposit programs. Of course, the bank has also increased the lending rate by .25%, except for the loans, which are exempted by the RBI. The new modified rules would be in force from the 16th of August 2013, according to the website of the ICICI Bank. Due to the tight liquidity, the bank has been forced to implement this strategy, for the purpose of functioning the bank. Many other public sector banks like Andhra Bank and the Canara Bank have also raised the rate of interest, both for the fixed deposits and for the landing. However, the State Bank of India announced publicly that the bank would not increase the interest rare, since it is flushed with fresh deposits.


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