After the State Bank of India, the private sector ICICI Bank has also reduced the interest rate on savings accounts by 0.25 percent. The bank gave information in this regard on Tuesday. Giving information in the regulatory information, ICICI Bank said that the new rates will be effective from Thursday.
Explain that this private sector bank has reduced the interest rate on all deposits below Rs 50 lakh from the current 3.25 percent to three percent. At the same time, the interest rate on deposits of Rs 50 lakh or more has been reduced from 3.75 percent to 3.50 percent.
The demand for loans has been weak due to the lockdown implemented in the country due to the global epidemic coronavirus. In such a situation, cash is available in banks at this time. This has also led to an imbalance of asset-liability in the bank and the pressure on the bank to pay interest on customer deposits has increased. This is the reason why the bank has cut interest rates.
Earlier in May, the country's largest bank, the State Bank of India, cut interest rates on renewal of new retail fixed deposits and maturing deposits by 0.40 percent in May. Explain that State Bank Chairman Rajnish Kumar has already said that interest rates will come down in the current scenario. He also recently said that the reduction in interest rates will be for both the bank borrowers and the bankers.