Following the lead of publicly-owned State Bank of India, ICICI Bank, a leading private sector lender and state-run IDBI Bank have revised their deposit rates downward by up to 100 basis points (bps) across various maturities.

ICICI Bank has cut down its deposit rates by 0.25-0.50% effective from 11 May. This reduction is across select maturities.

ICICI customers having deposits between 7 to 14 days will now earn interest at the rate of 3.25 per cent whereas the 270 days to one year scheme will attract an interest of
6.75 per cent. The 990 days to 3 years deposit will carry an interest of 8.0 per cent.

At the same time state-run IDBI Bank slashed deposit rates by 50-100 bps effective from 21 May.

IDBI bank authorities stated in a communiqué that deposits below Rs 15 lakh having a maturity of one to less than two years will now earn a rate of 7.5% compared to earlier rate of 8% while those having a tenure of two years to less than 1,100 days will attract a rate of 7.75% as against 8.25% earlier.