ICICI Bank announces reduction in interest rates

ICICI Bank has announced a reduction in its savings bank account interest rate and term deposits of value below Rs 2 crore.

The announcement was made after market hours yesterday, 1 April 2020. Shares of ICICI Bank lost 4.02% to settle at Rs 311.45 yesterday, 1 April 2020. Domestic stock markets are shut today on account of Ram Navami.

ICICI Bank has announced a reduction in its savings bank account interest rate with effect from 9 April 2020. For savings account balance below Rs 50 lakh, the interest rate will be reduced to 3.25% per annum (pa) from 3.5% pa and for above Rs 50 lakh it will be reduced to 3.75% pa from 4% pa.

ICICI Bank also announced reduction in rates of term deposits of value Rs 2 crore by upto 50 basis points across various tenures effective April 3, 2020.

ICICI Bank is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

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