ICICI Bank hikes NRI deposit rates

ICICI Bank has raised interest rates on non-resident external rupee (NRE) savings account, NRE fixed deposits and foreign currency non resident (FCNR) deposits.

The interest rates on NRE savings accounts has been increased by 0.31% from 3.40% to 3.71% while interest rates on NRE fixed deposits have been increased by up to 0.10% for various maturities, ICICI Bank said in a release today.

The new interest rate structure would mean that NRE fixed deposits with a maturity period of 12 months and above but less than 18 months would change from 4.28% to 4.38%.

The bank has also hiked FCNR deposits for dollars by up to 0.10%. This would mean that FCNR deposits having a maturity period of 12 months and above but less than 24 months would have an interest rate of 3.63% from the previous 3.53%.