<ul><li>HDFC Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points, now ranging between 8.90-9.10% across varying tenures.</li><li>ICICI Bank has lowered its fixed deposit (FD) rates with a 25 bps cut offering 5.75% interest rate on 271 days-1 year deposits, among other revised rates.</li><li>Following the RBI's 50 bps repo rate cut, HDFC and ICICI Bank's rate cuts align with the trend seen in other large public sector lenders, aiming at transmission.</li><li>Banks are anticipated to reduce savings account interest rates by 25-50 bps in the coming period to manage surplus liquidity in light of revised lending rates.</li></ul>

HDFC Bank cuts MCLR by 10 bps; ICICI Bank slashes FD rates

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