ICICIImage Credit source: File Photo
ICICI Bank has revised down its interest rates on bulk FDs above Rs 2 crore. The Bank is now offering interest rates ranging from 4.75% to 6.75% for tenors ranging from 7 days to 10 years. Deposits maturing in one year to 15 months will now get a maximum return of 7.25%. According to the official website of the bank, the new bulk FD rates will be effective from today, May 20, 2023.
The bank is offering an interest rate of 4.75% on FDs maturing in 7 days to 29 days and ICICI Bank is offering an interest rate of 5.50% on FDs maturing in 30 days to 45 days. ICICI Bank is offering an interest rate of 5.75% on FDs of 46 days to 60 days and 6.00% interest rate on FDs of 61 days to 90 days. FDs maturing in 91 days to 184 days will now get an interest rate of 6.50% and those maturing in 185 days to 270 days will get an interest rate of 6.65%.
On bulk FDs maturing in 271 days to less than 1 year, the bank is offering an interest rate of 6.75% and for those maturing in 1 year to 15 months, ICICI Bank is now offering an interest rate of 7.25%. ICICI Bank is now offering 7% interest rate on FDs maturing in 15 months to 2 years and 6.75% interest rate on FDs maturing in 2 years 1 day to 10 years.
Total deposits increased by 10.9%
ICICI Bank said total deposits grew by 10.9% to Rs 1,180,841 crore in the quarter ended March 31, 2023, with an average CASA ratio of 43.6%. The domestic loan portfolio grew by 20.5% YoY, while the Net NPA ratio declined from 0.55% in Q3FY23 to 0.48% in Q4FY23.
According to ICICI Bank, its gross NPA ratio fell to 2.81% in Q4FY23, down from 3.07% in Q3FY23, and net non-performing assets fell 25.9% year-on-year and 8.8% sequentially to Rs 5,155 crore. Net Interest Income (NII) grew by 40.2% YoY in Q4-2023 from Rs 12,605 crore in Q4-2022 to Rs 17,667 crore.
