NEWS & ADVICE : FIXED DEPOSITS
Special deposit rates revised again by ICICI Bank
By Ankit Sharma
Nov 7, 2007
Print    Email    RSS   

New Delhi: From November 12, deposits of various tenures from ICICI Bank will be available at reduced rates. The 50 basis points hike in CRR hike by RBI, has prompted such a step by many leading banks and more banks are likely to follow suit.

Interest rates on special deposit schemes by ICICI Bank have been reduced by 25-50 basis points and the bank has also re-aligned the rates in some areas.

Tenure Old Rate (%) New Rate(%)
390 days 9 8.50
590 days 9 8.75

ICICI Bank had reduced rates on special deposits earlier also. The 390 day, 590 day and 890 day deposit rates were changed during this reduction. Now, in less than a months time the rates on these deposits are being downward revised again. The bank has also decided to discontinue the 890 day deposit scheme.

Deposits of tenures greater than 1 year and up to 3 years have witnessed a rate alignment. These deposits will now be available at an interest rate of 8 percent. This step has been taken by the ICICI Bank to meet its asset liability requirements.

Union Bank of India, Centurion Bank of India, Bank of Baroda and the largest public sector bank State Bank of India have also reduced their interest rates on deposits of various periods from 25 to 100 basis points. Though the change in CRR has not yet shown its effect on interest rates on various loans, but the signals are clearly visible in deposit segment.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
The recent interest rate hike
Fetch higher interest rate on your savings...
Complete guide to TDS on fixed deposits in...
Manage your FD in a better way
Carnival of Indian Personal Finance Blogs...


MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

NEWS THIS WEEK
Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive