ICICI Bank hikes deposit, lending rates by 1 pc

New Delhi, Feb 6 (UNI) ICICI Bank Ltd today announced an increase of one per cent in its benchmark advance rate (BAR) and its floating reference rate (FRR) for consumer loans, including home loans, with effect from February 9.

The revised BAR will be 14.75 per cent per annum payable monthly as against 13.75 per cent at present. The revised FRR will be 11.75 per cent per annum as against the present 10.75 per cent.

For existing floating rate customers, the increase in FRR by one per cent will be effective from the above mentioned date.

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, a company statement said.

The bank also announced an increase in interest rates on 80C fixed deposits of value less than one lakh rupees by 1.25 per cent for 5-year period with effect from February 9. The revised interest rate on 80C fixed deposit will be 9.50 per annum per annum as against 8.25 per cent at present.

UNI