New Delhi, Nov. 17 (PTI): ICICI Bank and HDFC Bank on Thursday lowered rates on fixed deposits by up to 25 basis points, following the surge in deposits sparked by the November 8 demonetisation of 1000- and 500-rupee currency notes. HDFC Bank has reduced the interest rate by 25 basis points across all tenures on bulk deposits of Rs 1-5 crore. HDFC Bank will now pay 6.75 per cent on deposits of up to one year, against seven per cent earlier. On fixed deposits of terms ranging from more than one year to five years, HDFC Bank will now pay 6.50 per cent, against 6.75 per cent. On Wednesday, State Bank of India, the country’s largest lender, had cut rates on select maturities by up to 15 basis points.

Source: The Telegraph November 17, 2016 11:31 UTC