ICICI Bank cuts interest rates

Mumbai Aug 19: A shock has been received.
ICICI Bank a private sector bank on Friday has announced that

* The interest rate on savings accounts deposits below
Rs50 lakh has been reduced to 3.5 %.

* The bank has cut the interest rates by 50 bps from current 4 %.

* However the interest rates on saving bank account deposits above
RS 50 lakh remain unchanged at 4 %.

* The revised interest rate will be effective from Aug 19.

Earlier banks such as State Bank of India (SBI), HDFC Bank, Bank of Baroda, Punjab National Bank and Axis Bank have also cut their interest rate on savings bank accounts.

Experts say that many more banks will follow the suit because of the excess flow of cash into the banks after the demonetization which was announced last year.