ICICI Bank hikes deposit

Mumbai, Dec 13 (UNI) ICICI Bank today 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, 2006.

Accordingly, the revised I-BAR will be 13.75 per cent per annum payable monthly as against 13.25 per cent at present, while the revised FRR will be 10.75 per cent a year as against 10.25 per cent at present.

For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 0.50 per cent will be effective from January 1, 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.

ICICI Bank has also announced an increase in interest rates on deposits of value less than Rs 10 million in the range 0.25 per cent to 0.75 per cent across various tenors with effect from December 18, 2006.

UNI SN OBB AG2019