State Bank of India has cut interest rates on ICICI Bank savings accounts by 0.25 per cent in the private sector. The bank was briefed on the matter on Tuesday. The new rates will come into effect from Thursday, ICICI Bank said in a regulatory notice.
The interest rate on excess deposits has been reduced from 3.75 per cent to 3.50 per cent.
The interest rate on low deposits has been reduced from the current 3.25 to 3 per cent
The reduction in interest rates will apply to both borrowers and bankers
The private bank has slashed interest rates on all deposits below Rs 50 lakh from the current 3.25 per cent to 3 per cent. The interest rate on deposits of Rs 50 lakh or more has been reduced from 3.75 per cent to Rs 3.50.
Then the bank has cash. This has created an imbalance of assets and liabilities in the bank and is increasing the pressure on the bank to pay interest on customers' deposits. As a result, the bank has reduced interest rates.
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Earlier, State Bank of India, the country's largest bank, cut interest rates by 0.40 per cent in May on new retail term deposits and maturing collateral renewals. State Bank chairman Rajneesh Kumar has already said that interest rates will go down in the current scenario. He also said that the reduction in interest rates would apply to both borrowers and bank depositors.
