SBI, ICICI Bank reduce savings deposit rates: Check here

State Bank of India (SBI) and private sector lender ICICI Bank have reduced interest rates on savings bank deposits by 5 basis points and 25 basis points, respectively.

SBI has reduced its savings deposit interest rates to 2.70 percent across all slabs from May 31, making it the second reduction by the bank in its interest rates on savings bank deposits in this fiscal.

SBI has two slabs for savings bank deposits -- those with a balance up to Rs 1 lakh and those above Rs 1 lakh.

The bank had last cut interest rates in the month of April by 25 basis points (bps) to 2.75 percent per annum across all slabs.

Meanwhile, ICICI bank on Tuesday cut interest rates on all deposits of less than Rs 50 lakh by 25 bps to 3 percent from 3.25 percent.

For deposits of Rs 50 lakh and above, the private lender's account holders will earn an interest of 3.50 percent, down from 3.75 percent currently.

The new saving deposit rates for ICICI bank will come into effect from Thursday.

(With inputs from news agencies)