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. [caption id=“attachment_4018531” align=“alignleft” width=“380”] A file photograph of an ICICI Bank branch. Reuters.[/caption] 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.