ICICI hikes deposit rates by 50 bps

Friday, February 26, 2010
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Mumbai: Following the hike in cash reserve ratio by the RBI, ICICI Bank has hiked the deposit rates by up to 50 bps on select maturities with immediate effect, reports Rupeetimes.com With this, the bank will now provide 6.75 percent interest in 390 days deposit as well as on 590 day deposit, an increase by 25 basis points in the former and 50 basis points in the latter. This step is being taken by ICICI shortly after HDFC Bank hiked deposit rates by about 150 bps. IDBI was the first bank to increase its deposit rates by 25 bps earlier this month. Also Union Bank of India has hiked its deposit rates by 25-50 bps on maturities tenoring 1-5 years. Experts feel that this step is being taken by all the banks to woo customers to deposit their money with these banks. Those banks which increased their deposit rates may be apprehending that despite sufficient liquidity the cash may dry up owing to policy tightening measures adopted by RBI.
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