Mumbai, Jun 30 (UNI) India's largest private sector lender ICICI Bank has raised its interest rates on home loan, floating refrence rate (FRR), by 75 basis point, to 13.50 per cent from existing 12.75 per cent with immidiate effect.
Following the move by many other public and private sector lenders, ICICI Bank today announced the hike in its interest rate on consumer loans by 75 bps.
Interest rate for fix deposit less than Rs 15 lakh is also hiked by 50 bps to 75 bps with effect from July one, the bank said in a statement released late evening.
''The existing fixed rate customers whose laons are fully disbursed, however, will not be impacted by the increase and their contracted rate will remain unchanged,'' the bank said.
It has also announced an increase of 75 bps in its benchmark advance rate to 16.50 per cent from existing 15.75 per cent per annum, the banks added.
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