ICICI Bank shares trade flat as lender cuts savings deposit rate by 25 bps

ICICI Bank shares trade flat as it cuts savings deposit rate by 0.25%.

ICICI Bank share price traded flat in April 16 trading session after the bank said it has cut its savings account deposit interest rate by 0.25 percent. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.

ICICI Bank's revised rates are applicable from April 16 (Wednesday). Shares of ICICI Bank dropped 0.14 percent to quote at Rs 1,348.3 per share on the NSE.

ICICI Bank has revised its savings account interest rates, with depositors now earning 2.75 percent on balances up to Rs 50 lakh.

Earlier, HDFC Bank also cut its interest rates on savings account to 2.75 percent. For account balances above Rs 50 lakh, the interest rate has been reduced by 0.25 per cent to 3.25 per cent.

State Bank of India (SBI), the country’s largest public sector lender, currently offers an interest rate of 2.70 percent on savings accounts. Several other banks have also lowered their term deposit rates in recent days.

These rate cuts follow the Reserve Bank of India’s decision to reduce its key policy rates for the second time in a row, resulting in a total repo rate cut of 0.50 per cent over the past four months.

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