ICICI Bank Slashes Fixed Deposit Rates by up to 25 Basis Points

1 min read     Updated on 10 Jun 2025, 09:12 AM
scanxBy ScanX News Team
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Overview

ICICI Bank has announced a reduction in fixed deposit interest rates by up to 25 basis points, effective June 10, 2025. The highest interest rate for general citizens is now 6.60% for tenures of 2-10 years, while senior citizens can earn up to 7.10%. This change follows the Reserve Bank of India's recent repo rate cut and will affect both new deposits and renewals. The move aligns with broader market trends, and other financial institutions may follow suit.

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ICICI Bank , one of India's leading private sector banks, has announced a reduction in its fixed deposit interest rates by up to 25 basis points. The new rates will come into effect from June 10, 2025, following the Reserve Bank of India's (RBI) recent decision to cut the repo rate.

Key Changes in Fixed Deposit Rates

  • General Citizens: The highest interest rate for general citizens has been revised to 6.60% for tenures ranging from 2 to 10 years.
  • Senior Citizens: Senior citizens can now earn a maximum interest rate of 7.10% on their fixed deposits.

Impact on Depositors

This downward revision in fixed deposit rates will affect both new deposits and renewals of existing deposits. Customers looking for safe investment options may need to reassess their portfolio strategies in light of these changes.

Market Context

The reduction in ICICI Bank's fixed deposit rates aligns with the broader market trend following the RBI's monetary policy decision. As banks adjust their deposit rates in response to changes in the repo rate, it's likely that other financial institutions may follow suit.

Advice for Depositors

  • Compare Rates: Customers are advised to compare fixed deposit rates across different banks before making investment decisions.
  • Consider Tenure: With the new rate structure, carefully consider the deposit tenure that best suits your financial goals.
  • Senior Citizen Benefits: Senior citizens should take advantage of the preferential rates offered to maximize their returns.

ICICI Bank's decision to reduce fixed deposit rates reflects the changing dynamics in the Indian banking sector. As interest rates continue to evolve, investors and depositors are encouraged to stay informed and adapt their financial strategies accordingly.

Historical Stock Returns for ICICI Bank

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-0.94%+0.57%-1.26%+11.57%+18.18%+293.41%
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ICICI Bank Officer Arrested in Rs 4.58 Crore Fixed Deposit Fraud

1 min read     Updated on 06 Jun 2025, 01:02 PM
scanxBy ScanX News Team
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Overview

A relationship manager at ICICI Bank's Kota branch in Rajasthan has been arrested for allegedly defrauding Rs 4.58 crore from 110 fixed deposit accounts of 41 customers over a three-year period from 2020 to 2023. The manager reportedly diverted the funds into the stock market, resulting in heavy losses. ICICI Bank has acknowledged the fraud and committed to compensating affected customers. The incident raises concerns about internal controls and customer trust in the bank.

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*this image is generated using AI for illustrative purposes only.

A relationship manager at ICICI Bank 's Kota branch in Rajasthan has been arrested for allegedly orchestrating a massive fraud involving Rs 4.58 crore from customers' fixed deposit accounts. The incident has raised concerns about internal controls and customer trust in one of India's leading private sector banks.

Fraud Details

The arrested relationship manager is accused of illegally withdrawing funds from 110 fixed deposit accounts belonging to 41 customers. The fraudulent activities reportedly took place over a three-year period, from 2020 to 2023, highlighting a significant lapse in the bank's security measures.

Misuse of Funds

According to reports, the relationship manager diverted the illegally withdrawn funds into the stock market. This unauthorized investment resulted in heavy losses, further complicating the situation for both the bank and the affected customers.

Scale of the Fraud

The scale of the fraud is substantial:

Aspect Details
Total Amount Rs 4.58 crore
Number of Accounts Affected 110
Number of Customers Impacted 41
Time Period 2020 to 2023

Bank's Response

ICICI Bank has acknowledged the fraud and has committed to compensating the affected customers. This prompt response is crucial for maintaining customer confidence and mitigating potential reputational damage.

Implications and Concerns

This incident raises several important questions:

  1. Internal Controls: How did the fraudulent activities go undetected for three years?
  2. Customer Trust: What measures will ICICI Bank implement to restore and maintain customer confidence?
  3. Regulatory Scrutiny: Will this incident lead to increased regulatory oversight of banking practices, particularly in handling fixed deposits?

Looking Ahead

As the investigation unfolds, stakeholders will be closely watching ICICI Bank 's handling of the situation. The bank's ability to strengthen its internal controls, compensate affected customers promptly, and implement measures to prevent such incidents in the future will be critical in maintaining its reputation in the competitive banking sector.

This case serves as a stark reminder of the importance of robust internal checks and balances in financial institutions, especially when handling customer funds. It also underscores the need for customers to regularly monitor their accounts and report any discrepancies promptly.

Historical Stock Returns for ICICI Bank

1 Day5 Days1 Month6 Months1 Year5 Years
-0.94%+0.57%-1.26%+11.57%+18.18%+293.41%
ICICI Bank
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