The bank also offers an interest rate of 4.60 per cent on deposits maturing from 185 days to less than one year. FDs maturing over a period of one year to two years carry an interest rate of 5.30 per cent. The bank offers interest rates of 5.50 per cent for two-year one-day to three-year and 5.70 per cent for three-year one-day to five-year FDs. ICICI Bank will offer 5.75 per cent interest on tenure fixed deposits of one year to ten years, ICICI Bank said on its website. Senior citizens will receive an additional 0.50 per cent interest per annum on these deposits.
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Axis Bank, along with ICICI Bank, has also raised interest rates. Axis Bank has announced that it is raising interest rates on deposits of less than Rs 2 crore. In addition, the bank also offers additional interest rates for senior citizens.
RBI raises repo rate twice in 36 days
The Reserve Bank of India has raised the key interest rate repo twice in 36 days. The repo rose to 4.90 per cent with the latest inflation of 50 basis points. On the 4th of last month, the central bank raised the repo rate by 40 basis points to 4.40 per cent from 4.00 per cent.
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