Mumbai: The second-largest private sector bank in the country, ICICI Bank has reduced its interest rates on its savings account deposits by 25 basis points. The revised rates are applicable from Wednesday, April 16.
ICICI Bank depositors will earn a 2.75 per cent interest on their savings bank balances of up to Rs 50 lakh. For balances of over Rs 50 lakh, the rate has been decreased by a similar quantum of 0.25 per cent to 3.25 per cent.
Earlier, the largest private sector lender, HDFC Bank announced a similar move. HDFC Bank slashed interest rates on its savings bank deposit accounts by 25 bps with effect from April 12, which is the first rate cut in this category since April 2022.
Also Read: Indian stock markets to remain closed for next three days
SBI, the country’s largest lender, at present offers an interest rate of 2.70 per cent for savings bank accounts. Other lenders have also cut the term deposit rate offerings in the past few days.
The deposit rate cuts by lenders have come days after the RBI reduced its key rates for the second consecutive time, taking the cumulative decrease in the repo rate to 0.50 per cent in the last four months.
Post Your Comments