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Several banks slash FD rates by up to 1% after surge in deposits

Taking advantage of the surge in deposits following demonetisation move of the government, several banks including ICICI Bank, HDFC Bank and Canara slashed their FD rates by up to 1 per cent.

Canara Bank announced lowering its deposit rates in the range of 0.05 to 0.25 per cent while United Bank of India slashed rates of short-term deposits by 1 per cent. 

United Bank said the new deposit rates will be applicable from tomorrow. Largest private lender ICICI Bank and HDFC Bank cut their deposit rates by up to 0.25 per cent.The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days.

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