The country's largest privately-run lender ICICI Bank in line with other leading banks has lowered interest rates on retail deposits. For deposits of less than Rs. 1 crore and one year maturity, the bank has reduced rates to 6.6% per annum. Similar rate applies to deposits for a maturity time of upto 389 days. For other deposits with maturity time of above 2 years and upto 10 year, the revised rates are 6.5% p.a.
Senior citizens will be eligible for an additional return of 50 basis points for all maturities. So, senior citizens who make a deposit for upto 2 years would earn an interest rate in the range of 4.5% to 7.25% while those keeping deposits for over 2 years will get 7% interest rate per annum. The revised interest rates come into effect from December 11, 2017.
In contrast some of the banks have revised interest rates on bulk deposits of over Rs. 1 crore higher. For instance, after slashing rates on retail deposits by 25 basis points for all maturities, SBI with effect from November 30, 2017 has raised interest rates on bulk deposits over Rs. 1 crore and higher by 1% as against the earlier rates.