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Mumbai Feb. 23 ICICI Bank has hiked rates on retail loans by 50 basis points while keeping the benchmark advance rate unchanged at 14.75 per cent. The hike follows the recent CRR hike by RBI to 6 per cent.

"The new rates will not be applicable to existing customers but only to new customers," said Mr V. Vaidyanathan, Executive Director, ICICI Bank.

The fixed rate for home loans is now at 13 per cent per annum and the floating at 11 per cent.

The bank has also raised its deposit rates by 50-100 basis points in specific tenures. The 390-day, 590-day and 890-day deposits will attract interest rates of 9 per cent (8.25 per cent), 9.5 per cent (8.5 per cent) and 9.5 per cent (9 per cent), respectively, said a spokesperson from the bank.

SBI had recently hiked its PLR to 12.25 per cent.

More Stories on : Interest Rates | Private Banks | Credit Market | ICICI Bank Ltd

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