ICICI Bank alone reported declining savings and current account deposits in Q1FY21. Savings deposits declined marginally by 0.30% on a quarterly basis whilst current accounts deposits declined by 6.30%.
ICICI Bank has in the quarter slashed cumulatively 50 basis points on its saving accounts interest rates. Customers currently earn 3% on deposits of less than Rs 50 lakh whilst deposits above Rs 50 lakh fetch 3.50% interest.