ICICI, Axis, IDFC First Bank hike deposits rate for above Rs 2 crore

Hike rates after credit growth expands 15.3%

Amid a growing need for banks to mobilise deposits in order to fund strong credit growth, private sector lenders ICICI Bank, Axis Bank and IDFC First Bank have increased interest rates on deposits worth Rs 2 crore and above.

Effective Monday, ICICI Bank is offering interest rates in the range of 3.5-6.05 per cent on deposits of Rs 2 crore to less than Rs 5 crore. The peak rate of 6.05 per cent is being offered on deposits of tenures ranging from 1 year to 389 days, to 3 years, 1 day to 5 years.

For deposits worth Rs 2