ICICI, HDFC Bank trim deposit rates by up to 0.25 percent

ICICI, HDFC Bank trim deposit rates by up to 0.25 percentHDFC, India's largest private sector housing finance company has informed that it has revised its deposit rates downward by up to 0.25% across various maturities with immediate effect.  

The sources close to the company said that HDFC Bank, promoted by the company, has also decided to trim its deposit rates by up to 25 basis points, which will be effective from June 19.

The company authorities said that this reduction is in line with the market trends and taking into account the developments happening in the market in the recent past.
As per media reports, a host of lenders, including the country's major bank, SBI and second largest lender, ICICI Bank had recently slashed their deposit rates.  

While ICICI Bank had effected the reduction by 0.25-0.5 per cent across select maturities last month, SBI revised its deposit rates downward by 0.25 per cent in all tenures effective from June 15.