Joining State Bank , PNB and several others, ICICI Bank also cut the base lending rate by 0.70 percent making home, auto and other loans cheaper.
Free Stock Tips: The bank has reduced marginal cost of funds based lending rate (MCLR) by 0.7 percent to 8.20 percent for 1-year tenure, ICICI Bank said in a statement.
The reduction in interest rate will bring down interest rate on home and other loans linked to one-year MCLR by similar percentage point.
The one-year MCLR of SBI was reduced to 8 percent from 8.90 percent yesterday.
Banks are cutting lending rates after spurt in deposits following demonetisation of old high denomination currency notes of Rs 500/1,000.
Besides ICICI Bank, other lenders like Kotak Mahindra Bank , Dena Bank , Bandhan Bank, Andhra Bank and Oriental Bank of Commerce also slashed MCLR.
Yesterday, SBI, PNB and Union Bank of India had reduced MCLR rate.