ICICI Bank Savings Account interest rate: 25 bps rate cut in effect from today

ICICI Bank Savings Account interest rate: India's second largest private lender ICICI Bank's Savings Bank Account rates have been revised with effect from today, according to an information available on its website. "The interest rate for Savings bank account will be revised with effect from April 9, 2020," a company notice on its website says.

The revised interest rates are as below:
Savings bank balance Revised interest rate
--End of Day balance of below ₹ 50 lakhs will have an interest rate of 3.25% per annum
--End of Day balance of ₹ 50 lakhs and above will have an interest rate of 3.75% per annum

ICICI Bank had earlier in an exchange filing indicated that it has cut interest rate on savings account by 25 bps. The new interest rates will come into effect from April 9, 2020, it had said.

Private sector bank, ICICI Bank, has announced via a filing to the stock exchanges, that it has cut interest rates on its fixed deposits (FDs) by up to 50 basis points (bps) across various tenures. (1 basis points/bps = 0.01 per cent). The new rates will be effective from April 3, 2020.

The bank had also revised interest rates on Fixed Deposits (FD) which have been in effect from 3 April. The one-year FD will fetch 5.8 per cent per annum, down from 6.2 per cent while interest rates on a five-year FD has been slashed from 6.4% to 6 per cent now - a 40 bps reduction.

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Basis points also known as bps or bps and are a unit of measure used in finance to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of a percent).