ICICI Bank to cut savings account rates by 25 bps

The private bank will also cut the interest rate on savings accounts of 5 mln rupees and above to 3.75% as against 4.00% current rate. ICICI Bank also announced reduction in rates of term deposits of above 20 mln rupees by up to 50 basis points across various tenures effective today. This comes after the Reserve Bank of India, in its unscheduled monetary policy statement on Mar 27, reduced the repo rate by 75 bps to 4.40%. On Wednesday, ICICI Bank had reduced the marginal cost of funds-based lending rates by 15 bps across tenures.