ICICI Bank Slashes Interest Rates On FDs, S/B A/c By Up To 50 Bps

ICICI Bank in a filing to the stock exchanges announced interest rate cut on fixed deposits by up to 50 bps across maturity terms. 1 bps is one-hundredth of a percentage point or 0.01%. The new rates will be applicable from April 3, 2020.

ICICI Bank Slashes Interest Rates On FDs, S/B A/c By Up To 50 Bps

Here are the new revised ICICI Bank FD rates:

Tenure	Earlier interest rate	New revised FD rates from April 3, 2020
15 days	4.25%	3.75%
30 days	4.75%	4.25%
60 days	5.25%	4.75%
90 days	5.25%	4.75%
180 days	5.25%	4.75%
270 days	5.75%	5.25%
1 year	6.20%	5.80%
2 years	6.30%	5.80%
3 years	6.40%	6.00%
5 years	6.40%	6.00%

Also, ICICI Bank reduced interest rate on savings account by 25 bps. So post the cut, saving account with balance below Rs. 50 lakh will earn 3.25% per year while others with more than Rs. 50 lakh will earn 3.75%. The new interest rates will come into effect from April 9, 2020.

The rate cut by the private sector lender comes after the RBI's emergency repo rate cut by a steep 75 bps on March 27.

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