ICICI Bank, HDFC Bank Cut Deposit Rates

Posted By:

The Country's top two private lending institutions - ICICI Bank and HDFC Bank have slashed interest rates on fixed deposits.

HDFC Bank has reduced interest rates by 50 basis points according to news reports, while ICICI Bank has cut interest rates by 25 per cent across tenures.

ICICI Bank, HDFC Bank Cut Deposit Rates
ICICI Bank: Quotes, News
BSE 277.10BSE Quote6.85 (2.47%)
NSE 276.85NSE Quote7.45 (2.69%)
HDFC Bank: Quotes, News
BSE 1260.00BSE Quote11.3 (0.90%)
NSE 1259.05NSE Quote6.95 (0.55%)
The cut in interest rates comes a few days after the RBI Governor Raghuram Rajan kept interest rates on hold in the monetary policy.

Banks have been complaining of sluggish credit growth even as deposits continue to be robust. This has also been confirmed by the Reserve Bank of India which failed to cut the CRR in its Credit Policy as liquidity in the system remained adequate.

Interest rates on deposits have fallen in the last few months.


Read more about: icici bank, hdfc bank
Story first published: Thursday, December 4, 2014, 13:46 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?