ICICI Bank slashes interest rate on savings account by 25 bps for deposits up to Rs 2 crore

New Delhi: Private sector lender ICICI Bank on Wednesday cut interest rates on savings accounts by 25 basis points for deposits up to Rs 2 crore.

The new rates will be effective from 8 April, ICICI Bank said in a regulatory filing.

 ICICI Bank slashes interest rate on savings account by 25 bps for deposits up to Rs 2 crore

A file photograph of an ICICI Bank branch. Reuters.

Savings bank accounts with deposits up to Rs 50 lakh will earn 3.25 percent interest as against existing 3.5 percent, it said.

At the same time, it said, a savings bank account with a deposit over Rs 50 lakh but less than Rs 2 crore will fetch 3.75 percent, from the current rate of 4 percent.

The moderation in the interest rate on savings bank account follows the rate reduction on both lending and term deposit side by a host of banks recently.

Updated Date: Apr 02, 2020 11:24:29 IST



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