NEW DELHI, Nov 18: Major lenders, including ICICI and HDFC Bank, on Thursday lowered FD rates by up to 0.25 per cent in view of surge in deposits following the demonetisation.
The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days.
For fixed deposit between 390 days to 2 years, the banks has lowered the interest rate by 0.15 per cent effective Wednesday, ICICI Bank website showed.
ICICI Bank will pay 7.10 per cent as against 7.25 per cent earlier.
Meanwhile, HDFC Bank has reduced interest rate by 0.25 per cent across all tenures on bulk deposits ranging between Rs 1-5 crore.
The new rates are effective Thursday, as per HDFC Bank website.(Agencies)
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