ICICI Bank reduces the interest rate on the savings account by 25 bp

NEW DELHI: private sector lender ICICI Bank on Wednesday he reduced interest rates on savings accounts by 25 basis points (bps) for deposits of up to Rs 2 crore.

The new rates will be effective from April 8, ICICI Bank said in a regulatory filing.

Savings bank accounts with deposits of up to Rs 50 lakh will earn 3.25 percent interest against the existing 3.5 percent, he said.

At the same time, he said, the savings bank account with a deposit of more than Rs 50 lakh but less than Rs 2 crore will reach 3.75 percent, from the current rate of 4 percent.

The moderation in the interest rate in the savings account follows the reduction of the rate in both loans and term deposits by a large number of banks recently.