The Hindu Business Line : ICICI Bank hikes lending, deposit rates

After the recent hike in cash reserve ratio, ICICI Bank is the first to kick off a hike in lending rates by almost 50 basis points. The benchmark advance rate has been revised to 13.75 per cent per annum payable monthly against the present rate of 13.25 per cent, effective December 18.

The bank's floating reference rate for consumer loans including home loans will be 10.75 per cent (10.25 per cent). "For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 0.50 per cent will be effective from January 1, 2007," said a press release from the bank. "The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase," the release said.

The bank has also increased interest rates on deposits of value less than Rs 1 crore by 25 basis points-75 basis points across various tenors.

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ICICI Bank hikes lending, deposit rates