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ICICI Bank drops deposit rates

Our Bureau

MUMBAI, Jan. 18

ICICI Bank today reduced deposit rates by one percentage point (100 basis points) for longer term maturities and 0.5 percentage point (50 basis points) for shorter term maturities.

ICICI Bank officials, however, said no decision has been taken on effecting a cut in lending rates. According to them, deposits (less than Rs. 15 lakhs) for a maturity period of 15-45 days, 46-90 days, 91-180 days and 181 days up to 7 years will now carr y an interest rate of 5 per cent, 6 per cent, 8 per cent and 10 per cent respectively. Earlier, the interest rate was 11 per cent for a maturity period of 3-7 years.

For deposits above Rs. 15 lakhs but below Rs. 1 crore, the interest rate is half a percentage point higher in the case of maturities of 15-45 days and 46-90 days. For deposits above Rs. 1 crore, the rates will be as quoted by the treasury.

The ICICI Bank move comes in the wake of the Government's decision to reduce interest rates on small savings and PPF deposits.