ICICI Bank and Axis Bank Raise Rates On Bulk Deposits

INDORE, India - Dec. 21, 2017 - PRLog -- Country's largest private sector lenders, ICICI Bank and Axis Bank, have revised interest rates on their bulk deposits over rupees one core higher.
ICICI Bank increased rates on deposits of between Rs. 1.00 cr and 100.00 cr, across maturity between one year & 389 days, by 10 bps to 6.6 percent. A base point (bps) is one-hundredth of a percentage point, or 0.1 percent.
On the other hand, the rate on deposits more than Rs. 100 with maturity between one year and 389 days, was reduced 6.6 percent from 6.75 percent earlier.
Those with longer maturities will be paid 6.25 percent. ICICI Bank is the third lenders and Axis Bank is the fourth lenders to raise interest rates on bulk deposits.
The decision of the bank to trim rate of interest on bulk deposits is arrived on the back of the improving liquidity conditions.
In November month, SBI had raised the interest rate on deposits of between Rs 1 cr and Rs 10 cr, by 100 base points to 5.25%, while PNB had increased rates by 50 base points to 5%.

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