Private lender ICICI Bank on Tuesday announced a 25 basis points (bps) reduction in its savings bank account interest rate with effect from June 4, 2020.
According to the revised rates, interest for savings account balance below Rs. 50 Lakhs has been reduced to 3 per cent from 3.25 per cent and for balance above Rs. 50 Lakhs is reduced to 3.75 per cent from 3.50 per cent.
This move comes after the Reserve Bank of India (RBI) announced a repo rate cut by 40 basis points to 4 per cent last month.