ICICI Bank reduces Fixed Deposit rates by up to 50 basis points

08:10:00 PM, Tuesday 12th of May 2020 | in business

In a major move amid the lockdown caused due to novel coronavirus pandemic, ICICI Bank has slashed the interest rates on fixed deposits by up to 50 basis points. The new rates are effective from May 11, Monday. After the new revisions, the FDs up to one year will fetch 5.25% interest, while FDs with tenor above will earn 5.7 - 5.75% interest. The maximum return offered by the bank is 5.75% interest on FDs maturing after two years