Earlier on Friday, the RBI cut interest rates by a larger-than-expected 50 basis points, and unexpectedly reduced the cash reserve ratio for banks to make available more money to lend in a bid to boost the economy.

After the revision, ICICI Bank offers FD interest rates between 3% and 6.6% to general citizens for amounts below Rs 3 crore; for senior citizens, the rates vary between 3.5% and 7.1%.

Borrowers can expect EMIs on home loans, personal loans, and other credit products to come down slightly, offering a bit of breathing space amid rising living costs.