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ICICI Bank cuts rates on special deposits

MUMBAI: ICICI Bank on Tuesday announced a reduction of 25 to 50 basis points on its special deposit schemes, and announced an alignment of interest rates for deposits of greater than one year to 8 per cent. The interest rate on the 390-day deposits will now be 8.5 per cent while that on the 590-day deposits 8.75 per cent. The bank discontinued the 890-day special deposit scheme. The changes will take effect from November12, the bank said in a release. — Special Correspondent

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