The Hindu Business Line : ICICI Bank cuts rates on short-term deposits

Mumbai, Aug. 7 A day after the country’s largest lender, State Bank of India cut interest rate on deposits of short term maturities, ICICI Bank has reduced the rate on its short-term deposits by 25 basis points on deposits for tenors 181-365 days and by 50 basis points for tenors 366 days up to two years, said a press release from the bank.

The revised interest rate for tenors 181-365 days will be 6.25 per cent (6.50 per cent) and for tenors 366 days up to 2 years will be 6.25 per cent (6.75 per cent).

Banks are cutting their deposit rate in order to reduce their cost of funds, in response to the 50 basis point hike in cash reserve ratio, which came into effect on August 4.

The bank has reduced rate on single deposits of value less than Rs 15 lakh by 25-50 basis points for select maturities up to two years with effect from August 9, 2007. The interest rates on special deposit schemes will, however, remain unchanged.

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