ICICI Bank cuts lending, deposit rates

Private sector lender, ICICI Bank, on Tuesday said that it has reduced its floating reference rate (FRR) by 0.5 per cent to 13.25 per cent.

This will be effective from Wednesday, an ICICI Bank spokesperson told PTI in Mumbai.

FRR will be applicable to all consumer loans including home loans. “All existing floating rate customers will be benefited by this move,” he said.

The bank has also reduced its benchmark advance rate (I-bar) by 0.5 per cent with effect from tomorrow.

Accordingly, it now stands at 16.25 per cent.

The spokesperson said that the bank has also reduced its retail fixed deposit rates by 0.25-0.50 per cent across different maturities.

This will be with effect from April 24, the bank’s spokesperson said.

First Published: Apr 21, 2009 21:41 IST