The Hindu Business Line : Special deposit scheme rate cut

ICICI Bank has cut the rates on special deposit schemes by 50 basis points from 9.5 per cent to 9 per cent. In a press release issued today, the bank said it was cutting rates on deposit schemes of 390 days, 590 days and 890 days. The revised rates would be applicable from October 15. Ms Vishakha Mulye, Chief Financial Officer and Treasurer, ICICI Bank, said the rate cut was in line with market conditions and competitions. “We have reduced rates on special deposits i n line with market conditions,” she said. Earlier State Bank of India had also cut rates on certain deposits. —

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