Even HDFC Bank, promoted by the company, has decided to slash its deposit rates by up to 25 basis point with effect from June 19.
"The reduction in deposit rates will be by up to 0.25 per cent in various maturities with immediate effect," an HDFC spokesperson told PTI here.
India's second largest private sector lender, HDFC Bank has also reduced its deposit rates by up to 0.25 per cent. The reduction will be effective from June 19, HDFC Bank's Executive Director Paresh Sukthankar said.
"This reduction is in line with the market trends and taking into account the developments happening in the market in the recent past," Sukthankar said.
A host of lenders, including the country's largest bank, SBI and second largest lender, ICICI Bank had recently reduced their deposit rates.
While ICICI Bank had effected the reduction by 0.25-0.5 per cent across select maturities last month, SBI slashed its deposit rates by 0.25 per cent in all tenures effective from June 15.