ICICI Bank cuts lending and deposit rates

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, April 19, 2012, 14:48 [IST]

ICICI Bank has cut its lending and base deposit rates, following Tuesday's repo rate cuts from the RBI. The Bank has decided to drop the base lending rate by 25 basis points.

ICICI Bank is now the third reputed bank to have dropped rates. In the past two days following the RBI Monetary Policy Review, PNB and IDBI Bank have already announced a cut in rates.

Punjab National Bank has decreased its base rate by 25 bps from 10.75% to 10.50% with effect from May 01, 2012. The Bank has also reduced the Interest rate on term deposits of less than Rs 1 crore by 25 bps to 50 bps in select buckets w.e.f May 01, 2012.

On Wednesday it may be recalled that the state-owned IDBI Bank announced a cut of up to 0.5% in lending and deposit rates, a day after Reserve Bank reduced key short-term rates. While IDBI Bank lowered lending rate by 0.25%, it cut the fixed deposit rate by as much as 0.5%.

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