ICICI Bank cuts int rates, home loans to become cheaper
New Delhi: ICICI Bank has slashed MCLR rates by 0.10 percentage points for all the tenors with effect from 1 August 2020.
The new one year MCLR has been cut to 7.45 percent. The overnight MCLR has been cut to 7.25 percent. One year MCLR has now been slashed to 7.45 percent. The three months and six months rates have been slashed to 7.25 percent and 7.4 percent respectively, the bank said in a statement.
The banks also slashed interest rates on FDs (fixed deposits) of up to Rs 2 crore with effect from 14 July. The interest rate for FD of 7-14 days is now 2.75 percent. The interest rate for FDs of 1 to 389 days is 5.15 percent.