ICICI Bank cuts deposit rates by 25-75 bpts
By Our Banking Bureau | 27 Jul 2002
Mumbai: ICICI Bank has cut the interest rates of term deposits following State Bank of India and Bank of Baroda, among other banks.
The largest private sector bank in India has reduced the deposit rates by 25 to 75 basis points for various maturities. The reduction in the interest rates will be applicable only to renewals and fresh deposits on or after 31 July 2002.
For deposits up to Rs 15 lakh (for maturity between six months and one year) the interest rate has been dropped to 7 per cent from 7.75 per cent. For deposits between Rs 15 lakh and Rs 1 crore the new interest rate will be 7.25 per cent as against the earlier 8 per cent.
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