ICICI Bank has cut the interest rate on saving deposits by 25 basis points (bps). The new rates will come into effect from June 4, i.e Thursday, ICICI Bank said.
The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent, a reduction of by 25 bps against the existing 3.25 per cent. For deposits of Rs 50 lakh and above, the account holders will earn interest of 3.50 per cent, down from 3.75 per cent currently.
Fixed deposit interest rates are changed from time to time. Earlier in May, the country's largest lender SBI had cut the interest rates on fresh retail term deposits and on renewal of maturing deposits by up to 40 bps across tenors.