ICICI Bank hikes deposit & lending rates

ICICI Bank Ltd has announced an increase of 0.5% in its Benchmark Advance Rate (I-BAR) and its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from December 18, 2006. The revised I-BAR will be 13.75% p.a. payable monthly as against 13.25% at present. The revised FRR will be 10.75% p.a. as against 10.25% at present.

For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 0.50% will be effective from January 01, 2007. The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged.

Bank has also announced an increase in interest rates on deposits of value less than Rs. 10.0 million in the range 0.25%-0.75% across various tenors with effect from December 18, 2006.

Source : Equity Bulls

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