ICICI Bank, on Tuesday, announced cut in interest rates on deposit schemes by 25 to 50 basis points with effect from November 12.

Interest rates for deposits of more than one year will be 8 per cent, while for 390 days deposit, it will be 8.5 per cent and for 590 days 8.75 per cent, the bank said.

ICICI bank has also discontinued 890-day special deposit scheme on which it was offering nine per cent interest.