SBI savings account deposit rates cut by 5 bps, ICICI Bank by 25 bps
The country's largest bank State Bank of India (SBI) and second largest private sector lender ICICI Bank have reduced interest rates on savings bank deposits by 5 basis points and 25 basis points, respectively.
SBI has reduced its savings deposit interest rates to 2.70 per cent across all slabs from May 31, according to its website.
This is the second reduction by SBI in its interest rates on savings bank deposits in this fiscal.
In April, the bank had cut savings bank deposit rates by 25 basis points (bps) to 2.75 per cent per annum across all slabs.
The bank has two slabs for savings bank deposits -- those with balance up to Rs 1 lakh and those above Rs 1 lakh. (Photo: Reuters)
ICICI Bank, in a regulatory filing on Tuesday, said it has cut interest rates on all deposits of less than Rs 50 lakh by 25 bps to 3 per cent from 3.25 per cent.
For deposits of Rs 50 lakh and above, the private lender's account holders will earn an interest of 3.50 per cent, down from 3.75 per cent currently.
The new savings deposit rates of ICICI Bank will come into effect from Thursday.(Photo: Reuters)