Private Sector Banks ICICI and HDFC Bank have announced to cut rates on high value fixed deposits on select maturities. The rates would go down by up to 25 basis points.
According to reports, ICICI Bank has decided to revise rates for deposits of over Rs 1 crore by 0.25 per cent. The new rates would come into an effect from coming Monday.
Banks have also revised the Fixed Deposits rate of 121-150 days’ maturity to 8% from 8.25% earlier.
Earlier this month, Axis Bank has also reduced the fixed deposit rates by up to 25 bps across various maturities. Similarly, the rates have been decreased to 8.50% for deposits up to 18 months.
Term deposit between 61-90 days for high value fixed deposit that is over Rs 5 crore has been lowered to 8 per cent which was 8.25 per cent earlier.
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