ICICI Bank, HDFC Bank Cut Deposit Rates

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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 279.50BSE Quote2.4 (0.86%)
NSE 279.50NSE Quote2.4 (0.86%)
HDFC Bank: Quotes, News
BSE 1798.95BSE Quote25.6 (1.42%)
NSE 1799.75NSE Quote24.35 (1.35%)
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
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