After SBI and PNB hiked rates on their bulk deposits by 100 and 50 basis points to 5.25% and 5% respectively, private-sector lenders including ICICI and Axis bank on Wednesday have revised interest rate on bulk deposits over Rs. 1 crore higher. 1 basis point is one-hundredth of a percentage point.
On deposits over Rs. 1 crore and upto Rs. 100 crore and maturing between 365-389 days, ICICI bank raised interest by 10 bps to 6.6%. While for deposits over 100 crore and with maturity between 1 year and 389 days, the bank slashed rates from 6.75% to 6.6%.
Read more on India may now be at the end of rate cut cycle, here.
Axis bank on the other hand raised deposit rates on bulk deposits of more than Rs. 1 crore and with maturity between 4 months or more by 15-25 basis points. With revised rates, bulk deposits with a term of 12 and 18 months will now fetch 6.75% return in comparison to 6.6%. Deposits with longer maturity term will earn 6.25% interest per annum.