ICICI, HDFC Bank cut FD rates by 0.25%

New Delhi, November 17 

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Faced with liquidity comfort, major lenders, including ICICI and HDFC Bank, today lowered FD rates by up to 0.25% in view of surge in deposits following the demonetisation. The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days.

For fixed deposit between 390 days to 2 years, the banks have lowered the interest rate by 0.15% effective yesterday, ICICI Bank website showed.

ICICI Bank will pay 7.10% as against 7.25% earlier.

Meanwhile, HDFC Bank has reduced interest rate by 0.25% across all tenures on bulk deposits ranging between Rs 1-5 crore. The new rates are effective today, as per HDFC Bank website.

With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75% as against the 7% earlier. For fixed deposits between ‘3 years 1 day-5 years’, the rate has been lowered to 6.5% from 6.75%. 

Yesterday, SBI slashed fixed deposit rates on select maturities by up to 0.15%. — PTI