Mumbai, Jun 4: ICICI Bank has revealed that it will be cutting its benchmark lending rates by 50 basis points from Friday, Jun 5. This move will benefit the bank's home, auto, consumer and corporate loan borrowers.
The private sector lender on Thursday, Jun 4 said that the Benchmark Advance Rate (I-BAR), or the rate that it charges its top customers, will drop to 15.75 per cent from 16.25 percent.
The 50 per cent reduction in its Floating Reference Rate (FRR) will be applicable to floating retail loans and also include floating rate home loans. The revised FRR will be 12.75 per cent p a as against 13.25 per cent p a which is effective now.