BackHDFC Bank, ICICI Bank cuts fixed deposit rates
HDFC Bank cuts deposit rates offered on select maturities by 25-50 basis points; ICICI also reduces rates by 25bps
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Mumbai: The country’s top two private banks—HDFC Bank Ltd and ICICI Bank Ltd—have cut interest rates on term deposits on Thursday, CNBC-TV18 reported.
HDFC Bank reduced interest rates offered on deposits on various maturities by 25-50 basis points. One basis point is one-hundredth of a percentage point. Following the reduction, the rates on deposits maturing after one year will be 8.75% compared with 9% earlier.
ICICI Bank also lowered interest rates on deposits by 25 basis points. Following the reduction, the rates on deposits with a maturity period of 390 days and above will be 8.75%.
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