ICICI Bank interest rate: ICICI Bank has cut the interest rate on saving deposits by 25 basis points (bps). The new rates will come into effect from June 4, i.e Thursday, ICICI Bank said.

The private sector lender has cut the interest rate on all deposits of less than Rs 50 lakh to 3 percent, a reduction of by 25 bps against the existing 3.25 percent. For deposits of Rs 50 lakh and above, the account holders will earn an interest of 3.50 percent, down from 3.75 percent currently.

In the meantime, the State Bank of India (SBI) has also reduced its savings deposit interest rate by 5 basis points (bps) to 2.7%. Flush with liquidity and comparatively less demand for loans due to the lockdown, most lenders have resorted to lowering deposit rates.

SBI Chairman Rajnish Kumar has already said that in the current scenario, interest rates are going to reduce. “The reduction in interest rates will be for both borrowers and depositors,” Kumar said recently.

SBI, on May 27, had slashed its retail term deposit rates by up to 40 bps across all tenors.

For deposits maturing in seven days to 45 days, SBI is offering an interest rate of 2.90 percent as against 3.30 percent earlier. It revised the rate for fixed deposits in 180 days to 210 days bracket to 4.40 percent from 4.80 percent earlier.

The interest rate for deposits maturing in 5 years to 10 years has been cut to 5.40 percent from 5.70 percent earlier. The bank has also cut interest rates for bulk deposits ( 2 crores and above) by up to 50 basis points.

ICICI Bank has also announced that it has extended the moratorium on its loans and credit card dues.

Customers need to apply to avail of the benefits of the moratorium. If they fail to apply, loan installments will continue to be debited every month as per the existing process, the bank said.

The moratorium facility will be granted for up to a period of three months, for all loans/facilities falling due for payments between June 1, 2020, and August 31, 2020.