Close of the heels of its other peers in the banking space, ICICI Bank on Friday lowered interest rate offering on savings account by 50 basis points for deposits below Rs. 50 lakh.

The private sector banker has joined the bandwagon, nonetheless as reported in a regulatory filinf, it has kept interest rate for deposits above Rs. 50 lakhs unchanged at 4.0% per annum.

The new and revised rates shall be made effective from Saturday, August, 19.
The move is in line with the SBI interest rate slashing which was brought about on July 31 in the wake of lower inflation rate and as a measure to keep up with the real rate of return for depositors.

Soon after, several other public and private sector banks also had cut down on their interest rate offering on savings account by as much as 50 basis points. 1 basis point is 1/100th of a percentage point.

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On July 31, market leader State Bank of India (SBI) slashed interest rate on savings account deposits by 50 basis points to 3.5 percent on balance of Rs 1 crore and below.
Several other lenders including, HDFC Bank, Bank of Baroda, Punjab National Bank and Axis Bank have also revised their interest rate on savings bank accounts.