ICICI Bank Fixed Deposit Interest Rate: According to the bank’s website, ICICI Bank has lowered interest rates on deposits made into savings accounts by 0.25 cents. The RBI’s two consecutive interest rate cuts and reductions in deposit offerings prompted the second-largest private sector lender, HDFC Bank, to make a similar step a few days before.

The website states that depositors of ICICI Bank would get 2.75 cent interest on savings bank accounts up to Rs. 100,000. According to the bank’s website, the rate has been lowered by 0.25 cent to 3.25 cent for balances above Rs. 50 lakh.

The updated rates from ICICI Bank will take effect on Wednesday.

SBI, the biggest lender in the nation, is now giving savings bank accounts an interest rate of 2.70 cent. In recent days, term deposit rate offers from other banks have also decreased.

Days after lenders lowered deposit rates and the RBI lowered key rates for the second time in a row, the total repo rate decrease over the previous four months has risen to 0.50 percentage points.

In order to accomplish its objective of quickening economic development, the central bank has also said that it wishes to disseminate its rate changes quickly across the system.

Banks have struggled to increase deposits in recent quarters due to a lack of liquidity, and lenders have lately acknowledged pressure on net interest margins.