India’s largest private bank, ICICI, cut interest rates on fixed deposits for tenures ranging from 91 days to five years by 50 basis points.

Following the revision in interest rates, which is effective from September 11, the highest interest rate that the bank will pay is 8.75 per cent (9.25 per cent earlier) on deposits of 390 days to less than five years.

Fixed deposits with tenure of more than 290 days but less than one year will get an interest of 7.25 per cent.

Senior citizens earn 50 basis points higher interest than general customers.

HDFC Bank revises

Private sector HDFC Bank has also revised interest rate on fixed deposits by up to 0.50 percentage points on select maturities.

For deposits of maturity between six months 17 days and nine months 15 days, the upward revision is 0.50 percentage points to 7.75 per cent.

Term deposits for nine months 16 days would earn 25 basis points lower at 7.75 per cent.

The rate on nine months 17 days to one year fixed deposit would go up by 0.50 percentage points to 7.75 per cent, as per the data posted on the bank’s Web site.

Interest rate for term deposits of 366-380 days is down by 0.25 percentage points to 8.75 per cent.

Deposits of 381-day maturity would attract 8.75 per cent, a decline of 0.50 percentage points.

However, fixed deposits of 382-730-day maturity would earn 8.75 per cent, up by 0.25 percentage points.

> satyanarayan.iyer@thehindu.co.in

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