ICICI Bank slashes interest rate on saving deposits by 25 basis points

The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent

ICICI Bank on Tuesday said it has cut interest rate on saving deposits by 25 basis points (bps). The new rates will come into effect from Thursday, it said in a regulatory filing.

The private sector lender has cut the interest rate on all deposits of less than Rs 50 lakh to 3 per cent, a reduction of 25 bps as against the existing 3.25 per cent.

Likewise, for deposits of Rs 50 lakh and above, the account holders will earn interest of 3.50 per cent, down from 3.75 per cent currently.

Currently, banks have ample liquidity, and a comparatively