Leading lending institutions of the country – ICICI bank and HDFC bank have reduced their deposit rates in selected slabs. The revised rates of ICICI are applicable from November, 28th. For the time period of 390 days to two years, the ICICI bank has reduced the rates by 0.25% and the new effective rate is now 8.75%. On the term deposits of up to Rs 1 crore the bank will offer a maximum rate of 8.75%, earlier the rate offered was 9%.
On the other hand HDFC bank has reduced the rate by 0.25% to 0.50% . the new rates of HDFC bank are applicable from December 1,2014. The rate cut is applicable on retail term deposits with maturity between 46 days and one year.