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ICICI Bank Cuts Interest Rates

ICICI Bank has announced a reduction of 0.25 percent in the Bank Base Rate effective April 23,, 2012. The revised rate will be 9.75 percent, compared to 10 percent at present.

The bank also announced a reduction of 0.25 percent in its benchmark prime-lending rate and in its Floating Reference Rate (FRR) for consumer loans (including home loans) effective April 23, 2012. The above benchmark rates are used for determining interest rates on loans and advances sanctioned up to June 30, 2010. The fixed rate consumers will not be impacted by the above reduction and their contracted rates will remain unchanged.

ICICI Bank also announced a decline in interest rates for various tenors or retail fixed deposits by 0.25 percent with effect from April 23.

Managing Director and CEO Ms. Chanda Kochhar said, "With the easing of systemic liquidity, we have already seen some correction in wholesale deposit rates. We expect the cost of funds to gradually come down and this reduction in the lending rates is a proactive move by us to pass on the benefit to our valued customers."

At the BSE, ICICI Bank closed Thursday's trading at Rs.877.80, down 0.49 percent from the previous close.

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by RTT Staff Writer

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