Mumbai, Sept 02: Following a repo rate cut by Reserve Bank of India, ICICI Bank Ltd has reduced interest rates for retail domestic deposits by 0.25 per cent for various maturities even as Bank of Baroda (BoB) has revised upwards its non-resident external deposits. For deposits upto Rs 15 lakhs and Rs 15 lakhs-Rs 1 crore, the new rate would be five per cent against 5.25 per cent for 91 days and upto 180 days and it would be 5.25 per cent (5.5 per cent) for 181 days and above upto one year, the country's largest private sector bank said.
For deposits of more than one year and upto three years, the interest rate is 5.5 per cent (5.75 per cent) and for more than three years and upto 10 years, it is 5.75 (six per cent), the release added. ICICI Bank said the move was in line with the prevailing easy liquidity position and declining interest rate trends in the market and would be applicable only to renewals and fresh deposits.
Meanwhile BoB has announced an upward revision in the interest rates for NRE deposits of various maturities for different currencies effective tomorrow. For deposits for a period of one year and above but less than two years, the interest rate would be four per cent as against 3.8 per cent per annum.
For deposits of two years and less than three years and for three years and above, the rate would be 4.7 per cent (4.3 per cent) and 5.4 per cent (five per cent) respectively, a BoB release said. Bureau Report