ICICI Bank Slashes Rates On Deposits

Mumbai, January 20: | Updated: Jan 21 2003, 05:30am hrs
ICICI Bank on Monday announced reduction in interest rates on retail deposits by 25 basis points (bps) across various maturities. The cut is effective from January 22, 2003.

"The move is in line with the prevailing interest rate trends in the market. The reduction in the interest rates will be applicable to renewals and fresh deposits on or after January 22, 2003," the bank said in a release.

The deposit rate for maturities between 91-180 days has been cut to 5.50 per cent from 5.75 per cent; for maturities between 181 days and one year, it has been cut to 5.75 per cent from six per cent; maturities between one year and two years to six per cent from 6.25 per, cent and between two years and 10 years to 6.25 per cent. ICICI Bank on Thursday had sharply slashed interest rates on its floating home loan products by 50 bps and by 125-150 bps on fixed-rate loans which became effective on Friday (January 17).