ICICI Bank Hikes Deposit & Lending Rates

ICICI Bank Ltd has announced an increase of 1% in its Benchmark Advance Rate (I-BAR) and its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from February 09, 2007. The revised I-BAR will be 14.75% p.a. payable monthly as against 13.75% at present. The revised FRR will be 11.75% p.a. as against 10.75% at present.For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 1% will be effective from the respective reset dates. 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.The Bank has also announced an increase in interest rates on 80C Fixed Deposits of value less than Rs 0.10 million by 1.25% for 5-year tenor with effect from February 09, 2007. The revised interest rate on 80C FD will be 9.50% p.a. as against 8.25% at present.