The bank will now offer an interest rate of 2.75 percent for savings account with balances of up to ₹ 50 Lakh, lower at 0.25 percent offered before.
The private private sector Icici Bank has reduced the interest rate in the savings account deposit at 25 basic points (BP), in line with the cuts of savings accounts recently made by other large private banks, including HDFC Bank and Axis Bank.
The bank will now offer an interest rate of 2.75 percent for savings account with balances of up to ₹ 50 Lakh, lower at 0.25 percent offered before, and an interest rate of 3.25 percent in a savings account with more than ₹ 50 Lakh of balance, from the penny from the penny before.
The measure of the main private banks aims to align its savings account rate with the largest lender in India (SBI) of the country, which currently offers an interest rate of 2.70 percent in the savings account.
The tank rates are produced after the Indian Reserve Bank (RBI) reduces the repo rate in 25 BPS last week. Business line Earlier this week, he informed that large banks, including HDFC Bank, SBI, Kotak Mahindra Bank, Bank of India and Yes Bank, among others, have reduced their deposit rates by up to 25 BPS in some holdings. The lenders also trimmed external reference loans by 25 BPS, after the cutting of the RBI repo rate.
Bankers say that recent interest rate cuts show that banks ensure that the transmission of repo rates cuts occurs in interest rates. Last week, the governor of RBI, Sanjay Malhotra, had said that the regulator will guarantee to maintain liquidity in surplus mode at around 1 percent of the deposits.
Posted on April 16, 2025