Fixed Deposit Interest Rate: ICICI Bank Cuts Savings Deposit Rate By 25 Basis Points

ICICI Bank Fixed Deposit Interest Rate : ICICI Bank has cut interest rates on savings account deposits by 0.25 per cent, the bank's website said. The move by the second-largest private sector lender comes days after arch-rival HDFC Bank announced a similar move in the wake of the RBI cutting interest rates twice in a row and cutting deposit offers.

According to the website, ICICI Bank depositors will earn 2.75 per cent interest on their savings bank balances up to Rs. 100,000.



For balances above Rs. 50 lakh, the rate has been reduced by 0.25 per cent to 3.

25 per cent, the bank's website said. Also Read: SBI To PNB To Indian Bank; These Public Sector Banks Reduce Home Loan Interest Rate After RBI Rate Cut ICICI Bank's revised rates will be effective from Wednesday. The country's largest lender, SBI, is currently offering an interest rate of 2.

70 per cent on savings bank accounts. Other banks have also reduced their term deposit rate offers in the past few days. The cumulative reduction in repo rates in the last four months has increased to 0.

50 percentage points, days after the RBI cut key rates for the second consecutive time as lenders cut deposit rates. The central bank has also made it clear that it wants to transmit its rate moves swiftly through the system to help achieve its goal of accelerating economic growth. Deposit growth has been a challenge for banks in recent quarters, which have been facing liquidity shortages, and lenders have recently reported pressure on net interest margins.

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