Taking SBI’s cue, ICICI Bank cuts interest rate on savings account by 50 bps
ICICI Bank has reduces interest rate on savings accounts by 50 basis points to 3.5% on deposits below Rs50 lakh
Mumbai: Private sector lender ICICI Bank on Friday announced to reduce interest rate on savings accounts by 50 basis points to 3.5% on deposits below Rs50 lakh.
The interest rate on savings bank accounts with deposits of Rs50 lakh and above remains unchanged at 4%, the bank said in a regulatory filing. The revised interest rate will be effective from tomorrow.
On 31 July, market leader State Bank of India (SBI) slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of Rs1 crore and below.
Several other lenders including, HDFC Bank, Bank of Baroda, Punjab National Bank and Axis Bank have also revised their interest rate on savings bank accounts.
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