Financial Daily from THE HINDU group of publications
Wednesday, Nov 17, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 17, 2004 |
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Private Banks Money & Banking - Interest Rates ICICI Bank hikes deposit, lending rates Our Bureau
Mumbai , Nov. 16 ICICI Bank today hiked deposit and lending rates, including those on home loans, by 0.25-0.75 percentage points. The bank said that the move was in line with market trends as interest rates across various maturities have increased during the current fiscal. Yields on the domestic debt market have been moving up. The 91-day Treasury bill cut-off yield has moved up by about 1.20 per cent since March 2004, and the yield on 10-year Government of India securities has risen by two per cent, the bank said. Following today's increase, the bank's benchmark lending rate will be 10.5 per cent with effect from November 17, 2004. The increase in deposit rates will be applicable only to renewals and fresh deposits. Last week, HDFC had announced a hike in home loan interest rates. Bank of India also increased deposit rates recently. ICICI Bank has hiked the floating reference rate (FRR) - used to determine rate on floating rate home loans - by 50 basis points. The revised rate will be applicable to new customers with from November 17 while for existing customers it will be effective from January 1, 2005. The fixed rate home loans have been raised to 8.50 per cent. The existing customers will not be impacted by this rate increase, said a bank release. Interest on floating rate home loans will now be 8 per cent against 7.5 per cent earlier. The Benchmark Advance Rate (I-BAR) of ICICI Bank, which is used for determining the rate of interest on new loans and advances (other than the categories of loans to individuals and specific agencies as advised by Indian Banks' Association), has been increased by 50 basis points to 10.50 per cent.
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