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

Several banks have slashed their Fixed Deposit rates by up to 1 per cent after the surge in deposits following demonetisation.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.