ICICI Bank and Axis Bank, two of the country’s largest private sector lenders, on Wednesday revised interest rates on their bulk deposits. ICICI Bank increased rates on deposits of between Rs 1 crore and Rs 100 crore, maturing between one year and 389 days by 10 basis points (bps) to 6.6%. On the other hand, the rate on deposits larger than Rs 100 crore and maturing between one year and 389 days was reduced to 6.6% from 6.75% earlier. Both moves reverse rate actions taken by the bank on Saturday. Axis Bank raised rates on deposits of over Rs 1 crore with maturities of four months or higher by 15-25 bps. All bulk deposits at the bank maturing between one year and 18 months will now yield 6.75%, as against 6.6% earlier. Those with longer maturities will earn 6.25%. ICICI Bank and Axis Bank are the third and fourth lenders, respectively, to raise interest rates on bulk deposits. Late last month, State Bank of India had raised the interest rate on deposits of between Rs 1 crore and Rs 10 crore by 100 bps to 5.25%, while Punjab National Bank had increased rates by 50 bps to 5%, leading analysts to believe that the rate-easing cycle may be over. Investment bank Jefferies recently said that interest rates are only going to trend upwards from here, even though the policy rate may not immediately move in that direction. “The gap between the 10-year generic treasury and repo rate too has opened up considerably and is nearing the 1.5% mark from which a reversal usually takes shape,” analysts at Jefferies wrote.