You are using an older browser version. Please use a supported version for the best MSN experience.

Taking SBI's cue, ICICI Bank cuts interest rate on savings account by 50 bps

Livemint logo Livemint 18-08-2017 PTI

Mumbai: Private sector lender ICICI Bank on Friday announced to reduce interest rate on savings accounts by 50 basis points to 3.5% on deposits below Rs50 lakh.

The interest rate on savings bank accounts with deposits of Rs50 lakh and above remains unchanged at 4%, the bank said in a regulatory filing. The revised interest rate will be effective from tomorrow.

Taking SBI's cue, ICICI Bank cuts interest rate on savings account by 50 bps: The interest rate on savings bank accounts with deposits of Rs50 lakh and above remains unchanged at 4%, the bank said. Photo: Hemant Mishra/Mint © LiveMint The interest rate on savings bank accounts with deposits of Rs50 lakh and above remains unchanged at 4%, the bank said. Photo: Hemant Mishra/Mint

On 31 July, market leader State Bank of India (SBI) slashed interest rate on savings account deposits by 50 basis points to 3.5% on balance of Rs1 crore and below.

Several other lenders including, HDFC Bank, Bank of Baroda, Punjab National Bank and Axis Bank have also revised their interest rate on savings bank accounts.

More from Live Mint

image beaconimage beaconimage beacon