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ICICI Bank, IDBI slash deposit rates by up to 1%

ICICI Bank, IDBI slash deposit rates by up to 1%
PTI
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First Published: Sat, May 16 2009. 12 58 AM IST
Updated: Sat, May 16 2009. 12 58 AM IST
Mumbai: Two leading lenders ICICI Bank and IDBI Bank on Friday reduced their deposit rates by up to 100 basis points (bps) across various maturities.
The country’s largest private sector lender ICICI Bank reduced its deposit rates by 0.25-0.50%.
This reduction is across select maturities, an ICICI Bank spokesperson told PTI.
The deposit rate reduction has come into effect from 11 May, he said.
At the same time state-run IDBI Bank slashed deposit rates by 50-100 bps effective from 21 May.
Deposits below Rs15 lakh having a maturity of one to less than two years will now carry a rate of 7.5% as against 8% earlier, while those having a tenure of two years to less than 1,100 days will get 7.75% (8.25% earlier), IDBI Bank said in a statement.
Also, the interest rate for 1,100 days’ deposits has been revised to 8% from 8.5% and the rate for more than 1,100 days to less than five years has been reduced to 7.75% from 8.25%, it said.
The rate for 15-45 days’ deposits is 3.25% from 4.25% and that for 46-90 days 4.25% from 5.25%, it added.
Similarly, the interest rate for 5-10 years has been cut to 8.25% from 8.75%.
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First Published: Sat, May 16 2009. 12 58 AM IST