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ICICI Bank Cuts Savings Account Interest Rate a Day After HDFC Bank
August 22, 2017
Just a day after private sector HDFC Bank slashed the interest rate on savings account deposits by 50 bps, ICICI Bank has cut its rates as well. The lender announced today that savings account deposits below Rs. 50 lakh will now earn an interest rate of 3.5% instead of the earlier 4%. The rate on deposits above Rs. 50 lakhs, however, will remain unchanged. The new rate has come into effect from today itself.
Some of the other banks that recently slashed their savings account interest rates include SBI (which was also the first in the group), Axis Bank, Bank of Baroda, Punjab National Bank, etc.
