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First State Bank of India, now ICICI. The interest rates have so far decreased across the years. Earlier this year, SBI reduced their SB Deposit interest rates by 5 bps to 2.75%, and now, India's one of the largest Private Sector Lendor, ICICI Bank reduced their interest by 25 bps to 3%. The new interest rates will come into effect from tomorrow.
As per the Bank, deposits less than Rs. 50 lakhs will earn an interest of 3% and deposits equally or greater than equal to 50 lakhs, will earn an interest of 3.5% which was 3.75% earlier. To flush with the liquidity, most banks have reduced their interest for loans but there are no takers.
Rajnish Kumar, Chief of SBI has already said that in the current scenario, rates for both borrowers and depositors will decrease. On May 27th, SBI also reduced Fixed Deposit Rates by 40 bps.
For deposits maturing in seven days to 45 days, SBI is offering an interest rate of 2.90 percent as against 3.30 percent earlier. It revised the rate for fixed deposits in 180 days to 210 days bracket to 4.40 percent from 4.80 percent earlier.
Interest rate for deposits maturing in 5 years to 10 years has been cut to 5.40 percent from 5.70% earlier. The bank has also cut interest rates for bulk deposits of Rs.2 crores and above by up to 50 basis points.
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