Lockdown 5.0: Centre may let states decide on restrictions post-May 31
SBI cuts fixed deposit rates by 40 bps; check out new rates
Coronavirus vaccine update: India to begin human trial in next six months, says ICMR
India's GDP to contract 6.8% in FY21 due to coronavirus lockdown: SBI
Himachal Pradesh Extends Lockdown Till June 30
Coronavirus vaccine update: After Moderna, CanSino Biologics claims positive results in early trials
No Exam For Remaining Subjects Of Class 10, Class 12 Exam In June: Madhya Pradesh Chief Minister
International Flights May Start "Even By Middle June": Aviation Minister
Pakistan Plane Crash: PIA Flight With 99 On Board Crashes In Karachi Minute Before Landing
RBI rate cut: For home loan of Rs 50 lakh, EMI to reduce by this much
Coronavirus impact: MSMEs demand loan moratorium till March 2021
Domestic Flights To Resume From Monday In "Calibrated Manner", SOPs Soon
Trump tells WHO to prove 'independence' from China within 30 days; warns freeze on funding
New EPF rules rolled out: 5 things to know
Yogi Government To Send 12,000 Buses To Bring Back Migrants From States
Buses, Autos, Cabs Can Run In Delhi, Markets To Open
States Planning For Lockdown 4, Starting Monday: 10 Points
Nirmala Sitharaman Announces Reforms To Help Farmers Earn Better Prices
Coronavirus Updates: PM Modi to hold high-level meet today; to discuss lockdown 4.0
FM Sitharaman announces Rs 3 lakh crore collateral-free automatic loans for MSMEs

Latest Posts

ICICI Bank cuts fixed deposit rates by up to 0.50% effective May 11

latest news update

Private sector lender ICICI Bank has slashed the fixed deposit (FD) rates by up to 50 basis points effective May 11. The customers will now get 5.25 per cent interest on deposits up to one year, while those above one year will earn 5.7 per cent to 5.75 per cent, ICICI Bank said on its website. It comes as the banks are flush with liquidity on account of low credit growth. The lenders are instead parking their funds with the Reserve Bank of India (RBI) at a rate of interest as low as 3.75 per cent. The average amount deposited between May 4 and May 6 stood at over Rs 8 lakh crore, which is considered on the higher side.

The banks were also not comfortable to lend to weak companies in an economy slowing due to coronavirus, the experts said. "Since banks are flooded with liquidity, the FD deposit rate cut may be to deter the depositors from parking more cash in the banks," said SEBI-registered investment adviser Basavaraj Tonagatti. The rates are getting lowered by the banks since  inflation is also easing according to the RBI data, Tonagatti also said.

In March, the country's largest bank State Bank of India (SBI) had sharply reduced the fixed deposit (FD) rates after the RBI, in its 7th bi-monthly monetary policy statement, announced a 75 basis points (bps) cut in repo rate along with 90 bps reduction in reverse repo rate to offset the impact of coronavirus pandemic on the economy.

SBI had earlier announced an interest rate cut on FDs on March 10. The bank had reduced domestic retail term deposit (TD) interest rates by 20 bps to 50 bps across tenors and bulk TD interest rates reduced by 50 bps to 100 bps across tenors.


Alert Message

Please Wait...

Share the Opinion Poll with your Friends At


Share the Survey with your
Friends At