ICICI Bank, HDFC Bank & Axis Bank cut deposit rates by 25-50 basis points

ICICI Bank, HDFC Bank & Axis Bank cut deposit rates by 25-50 basis points

After a series of lending rate cuts, banks started slashing deposit rates to maintain their net interest margins. India's three largest private sector lenders ICICI Bank  , HDFC Bank and Axis Bank slashed interest rates on retail term deposits by 25-50 basis points.

All the banks reduced rates across maturities in the range of six months to less than five years with effect from September 11 and 12. While ICICI Bank is offering a maximum rate of 8.75% in the tenure of 390 days to less than two years, HDFC Bank and Axis Bank, according to the respective websites are almost serving the same rate to stay competitive.

However, ICICI Bank hiked the interest rate on retail fixed deposits of tenure upto 45 days by 50-75 basis points. The bank is currently offering 4% on savings deposits. This move should enhance the attractiveness of very short term deposit schemes for 7-45 days.

News Interest  Rates

SBI : 6 months to 5 yrs : 6.50% - 8.50%

ICICI : 6 months to less than 5 yrs : 6.5% - 8.75%

HDFC : 6 months to 5 yrs : 6.75% - 8.75%

Axis : 6 months to less than 5 yrs : 7.50% - 9.25%