New Delhi: ICICI Bank, the country’s second-largest private sector lender has cut the interest rates on its savings accounts. The new rates are effective from today, April 16. The move follows similar rate cuts recently announced by other major private banks like HDFC Bank and Axis Bank.
As per ICICI Bank’s website, savings account balances up to Rs 50 lakh will now earn 2.75 per cent interest, down from the earlier 3 per cent. For balances above Rs 50 lakh, the interest rate has been reduced to 3.25 per cent from 3.5 per cent.
Earlier this week, HDFC Bank and Axis Bank also reduced their savings account interest rates by 25 basis points to 2.75 per cent. ICICI Bank joined all three private lenders and now offer 2.75 per cenr interest on savings balances up to Rs 50 lakh. Meanwhile, SBI, the country’s largest bank, already offers a slightly lower rate of 2.7 per cent per annum for balances up to Rs 10 crore.SBI, for amounts above Rs 10 crore continues to offer 3 per cent interest, a rate that’s been unchanged since October 2022.
The recent round of savings deposit rate cuts comes on the heels of the Reserve Bank of India lowering the repo rate by a total of 50 basis points since February, spread over two back-to-back policy meetings. The repo rate has now been brought down to 6 per cent, from 6.5 per cent earlier.
