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ICICI Bank has raised fixed deposit rates by up to 0.75 % due to a series of steps taken by RBI, leading to tightening of liquidity condition.At the same time, the bank raised interest rate by 0.5 to 7.75 percent as compared to 7.25 percent for fixed deposit maturing between 290 days to 1 year.For term deposits between 1 year to 389 days, the rate has been raised by similar percentage points to 8 percent from 7.50 percent.Cost of funds have gone up for banks as the Reserve Bank has taken a series of steps to check the fall of rupee against the US dollar. On July 15, RBI put in place measures to restore stability in the foreign exchange market, including raising the Marginal Standing Facility and bank rates to 10.25 per cent and restricting access by way of repo window to Rs 75,000 crore. The country’s largest lender, State Bank of India, has however, gone public saying that it will not cut its rates as it is flush with fresh deposits and its reliance on retail deposits.
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