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ICICI Bank raises deposit, lending rates
Special Correspondent
MUMBAI:
ICICI Bank has announced an increase of 50 basis points in its Benchmark Advance Rate (I-BAR) and its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from December 18.
The revised I-BAR will be 13.75 per cent annually, payable monthly, as against 13.25 per cent at present. The revised FRR will be 10.75 per cent as against 10.25 per cent at present.
For the existing floating rate customers, the increase in FRR by 50 basis points will be effective from January 1, 2007. The existing fixed rate customers, whose loans have been fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged, says a bank release.
ICICI Bank has also announced an increase in the interest rates on deposits of value less than Rs. 1 crore in the range of 25 to 75 basis points across various tenors with effect from December 18.
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