ICICI cuts deposit rates by 50 basis points

Mumbai, Nov 6 (UNI) India's largest private lender, ICICI Bank today announced cut in interest rates on its deposit schemes by 25 to 50 basis points with effect from November 12.

Interest rates for deposits of more than one year will be 8 per cent, while for its 390 day deposits interest rate will be 8.5 per cent and for 590 day deposit it will be 8.75 per cent, ICICI said in a statement.

The bank has also discontinued the 890-day special deposit scheme on which it was offering nine per cent interest, it added.

UNI