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ICICI Bank lowers deposit rates

Mumbai, Aug. 7: A day after the State Bank of India revised interest rates on deposits, ICICI Bank reduced deposit rates of select maturities by 25 to 50 basis points. The largest private sector bank has, however, kept its lending rates unchanged.

The reduction will be applicable to deposits of less than Rs 15 lakh. ICICI Bank said rates on select maturities up to two years would be brought down from August 9 though the interest rates on special deposit schemes would remain unchanged.

The revised interest rate for deposits of 181-365 days will be 6.25 per cent against 6.5 per cent at present. Similarly, the revised interest rate for deposits of 366 days and up to two years will be 6.25 per cent against 6.75 per cent at present.

Officials at the bank said the interest rate reduction was a fallout of the recent Reserve Bank decision to raise the cash reserve ratio limit by half a percentage point.

The bank had no plans to change its lending rates, executive director V. Vaidyanathan told reporters today.

Small units

ICICI Bank today joined hands with IBM and International Finance Corporation to launch an online resource centre catering to small and medium enterprises (SMEs).

The India SME Toolkit is a free online resource centre that contains latest information and tools for SMEs to increase their productivity, efficiency and capacity and also improve their access to capital and new markets.

The toolkit is available in online and offline modules.

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