ICICI Bank, the country's second largest private sector lender, has cut interest rates on its savings accounts. The new rates are effective today, 16 April. The step has been taken after the recently announced rates announced by other major private banks like HDFC Bank and Axis Bank.
According to the ICICI Bank's website, there will now be 2.75 percent interest in a savings account up to Rs 50 lakh, which was earlier 3 percent. For the remainder of more than Rs 50 lakh, the interest rate has been reduced from 3.5 percent to 3.25 percent.
Earlier this week, HDFC Bank and Axis Bank also reduced their savings account interest rates from 25 basis points to 2.75 percent. ICICI Bank joined the three private lenders and is now paying 2.75 percent interest on a savings account up to Rs 50 lakh. Meanwhile, the country's largest bank SBI is already offering a slightly lower rate of 2.7 percent per year for the balance of up to Rs 10 crore. SBI continues to pay 3 percent interest for an amount of more than Rs 10 crore, this rate is unchanged since October 2022. The recent round of savings deposit rate cut has come by the Reserve Bank of India since February since a total of 50 basis points in the repo rate in two back-to-back policy meetings. The repo rate has now been reduced from 6.5 percent to 6 percent.
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