ICICI hikes I-BAR, FRR by 1 pc

Chennai, Feb 8: ICICI Bank has increased one per cent in its Benchmark Advance Rate (I-BAR) and Floating Reference Rate (FRR) for consumer loans (including home loans), with effect from tomorrow.

The revised I-BAR will be 14.75 per cent per annum payable monthly as against 13.75 per cent now, while the revised FRR would now be 11.75 per cent per annum as against 10.75 per cent, a release said here today.

For existing floating rate customers, the increase in FRR by one per cent would be effective from the respective reset dates.

The existing fixed rate customers, whose loans were fully disbursed, will, however, not be affected by the increase and their contracted rates would remain unchanged.

The Bank has also increased interest rates on 80C Fixed Deposits of value less than Rs 0.10 million by 1.25 per cent for five-year tenor with effect from tomorrow.

The revised interest rate on 80C FD would be 9.50 per cent per annum as against 8.25 per cent at present, the release added.

UNI