ICICI Bank Hikes Lending Rates

ICICI Bank Ltd has announced an increase of 1% in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from March 31, 2007. The revised FRR will be 12.75% p.a. as against 11.75% at present.For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 1% will be effective from April 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.The Bank has also announced an increase of 1% in its Benchmark Advance Rate (I-BAR). The revised I-BAR will be 15.75% p.a. payable monthly as against 14.75% at present.