One of the leading private sector banks in the country revised its interest rates on fixed deposit (FD) rates on Wednesday. ICICI Bank offers term deposit provision for short as well as long term. One can make a deposit for a term between 7 to 10 years with the bank.

The new rates will be effective from Wednesday, 14 August 2019. These are the new FD rates for deposits smaller than Rs 2 crore according to the bank's website.

The move comes a week after the Reserve Bank of India cut its key interest rate by an unconventional 35 basis points to 5.40 percent after its monetary policy review. The central bank pushed the commercial banks across the country to make faster transition of the interest rate cuts so that the benefits are received by the people. Cheaper loans are hoped to improve liquidity, push economic activities and help revive the country's slowing economy faster.

While a large number of banks have cut their lending rates, there will be a cut in fixed deposit rates as well.