ICICI Bank cuts deposit rates

ICICI Bank has cut its deposit rates by upto 50 bps (0.5% p.a) on with effect from Nov 12.

It has cut rate on the 390 day deposits to 8.5%. The bank also cut rate on 590 day deposits to 8.75% and discontinued the 890-day special deposit scheme.

At the same time it has increased the interest rate for the one-year to four-year tenure, which was earlier running at about 6.5-6.7% to 8%.

Many other banks have also cut the deposit rates for the 1 year period. While the CRR has been increased by the RBI, the banks are taking a route to reduce the deposit rates instead of the increasing the lending rates.