The country’s largest private sector lender, ICICI Bank, today raised deposit rates by 25-50 basis points (bps), a week after HDFC Bank raised rates for long-term maturities by 25-150 bps. The rate for the 390-day bracket went up from 6.5 to 6.75 per cent, and from 6.25 to 6.75 per cent for 590 days.
The revised rates are effective from today. The banks to have increased interest rates so far are J&K Bank and IDBI Bank apart from HDFC Bank. ICICI Bank and Union Bank had increased rates for one maturity each at the beginning of 2010.
A spokesperson of ICICI Bank said, “ICICI Bank monitors rates on a continuous basis and this revision for a few select fixed-deposit bracket is based on current market conditions.”
