ICICI Bank follows peers, cuts savings bank interest rate by 25 bps

Private sector lender ICICI Bank has cut the interest rate on savings account deposits by 25 basis points (bps). This follows a recent rate cut by other private banks, including HDFC Bank and Axis Bank. The bank now offers 2.75 per cent interest for savings accounts with balances up to ₹50 lakh, 0.25 per cent lower than earlier. It will now offer 3.25 per cent interest on savings accounts with over ₹50 lakh balance, down from 3.5 per cent earlier. HDFC Bank also offers the same rates: 2.75 per cent for account balances below ₹50 lakh and 3.25 percent for account balances above ₹50 lakh. Kotak Mahindra Bank offers 3 per cent for balance under ₹50 lakh and 3.5 per cent for balance above ₹50 lakh.