ICICI Bank cuts fixed deposit rate; here's all you need to know

ICICI Bank has slashed the fixed deposit (FD) rates across various tenors by up to 50 basis points (bp). The new rates were made effective from May 11.

The customers will now get 5.25% interest on deposits up to one year, while those above one year will earn 5.7% to 5.75%, ICICI Bank said on its website.

Following is the table on FD rates as per the bank's website:

The bank reported a 6.91 % growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside over Rs 2,000 crore in provisions for the potential impact of the COVID-19 pandemic over and above RBI's requirements.

On a standalone basis, the second-largest private sector bank's profit grew 26% to Rs 1,221 crore as against Rs 969 crore in the year-ago period.

For the fiscal year 2019-20, it reported a 135% jump in standalone profit to Rs 7,930.81 crore.