ICICI Bank and HDFC Bank cut retail term deposit rates in select slabs. Effective November 28, ICICI Bank reduced the interest rate on retail term deposits with maturity between 390 days and two years by 25 basis points to 8.75 per cent. Following this revision, the bank now offers a maximum of 8.75 per cent interest on term deposits of up to ₹1 crore from 9 per cent earlier.
HDFC Bank lowered its retail term deposit rates by 25-50 basis points effective December 1. The rate cut is applicable on retail term deposits with maturity between 46 days and one year.
Ashish Parthasarthy, Treasury head, HDFC Bank, said, “We have seen good deposit growth and weak credit demand. Also, money market rates have come down. All this put together made it apt for a reduction in deposit rates.”