The Hindu Business Line : ICICI Bank hikes lending, home loan rates

The bank's revised floating rate now stands at 11.75 per cent per annum, against 10.75 per cent earlier. The prime lending rates of public sector banks such as State Bank of India and Bank of Baroda stood at 11.50 per cent and 12 per cent respectively

This is the third time this fiscal that the bank has hiked its benchmark advance rate. The previous hike came in December when the bank hiked its benchmark advance rate by 0.5 percentage point to 13.75 per cent per annum and floating rate was also revised to 10.75 per cent per annum.

"For existing floating rate customers, the increase in floating reference rate by 1 per cent will be effective from the respective reset dates. The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged," said a press release from the bank.

There is, however, some good news for depositors. The bank has also increased interest rates on fixed deposits of less than Rs 1 lakh by 1.25 per cent for five-year tenor, also effective from February 9, 2007. The revised interest rate on these deposits will now be 9.50 per cent per annum against 8.25 per cent.

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