ICICI cuts deposit rates by 25-50 bps

ICICI Bank today reduced interest rates on deposits of value less than Rs 15 lakh by 25-50 basis points for select maturities upto two years, a day after the country's largest lender SBI reduced its deposit rates.

The revised interest rate for tenors 181-365 days will be 6.25 per cent per annum against 6.50 per cent at present, ICICI Bank said in a release.

Similarly, the revised interest rate for tenors 366 days-upto 2 years excluding special deposit schemes will be 6.25 per cent as compared to 6.75 per cent, it said. The new rates would be effective from August 9, it said adding the interest rates on special deposit schemes remained unchanged.

The revision comes barely a week after RBI hiked the amount of depositors' money commercial banks need to park with the central bank by half a percentage point.Responding to the measures announced by the RBI, Bank of India and Bank of Baroda reduced interest rates to 9 per cent on their special one-year deposit schemes.