10,142.15113.05
Stock Analysis, IPO, Mutual Funds, Bonds & More

ICICI Bank slashes interest rate on savings account by 25 bps

Savings bank accounts with deposits up to Rs 50 lakh will earn 3.25 per cent interest as against existing 3.5 per cent, ICICI said. At the same time, it said, savings bank account with deposit over Rs 50 lakh but less than Rs 2 crore will fetch 3.75 per cent, from the current rate of 4 per cent.

PTI|
Last Updated: Apr 01, 2020, 10.17 PM IST
0Comments
Reuters
icici bank- reuters
The moderation in interest rate on savings bank account follows the rate reduction on both lending and term deposit side by a host of banks recently.
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 April 8, ICICI Bank said in a regulatory filing.

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

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

The moderation in interest rate on savings bank account follows the rate reduction on both lending and term deposit side by a host of banks recently.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Also Read

Analyst Calls: ICICI Bank, Voltas, TCNS Clothing

Trending stocks: ICICI Bank shares flat in early session

Trending stocks: ICICI Bank shares gain nearly 1%

Trending stocks: ICICI Bank share price rises nearly 4%

ICICI Bank cuts interest rate on saving deposits by 25 bps

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service