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ICICI Bank has increased its base rate by 25 basis points to 10 per cent (from 9.75 per cent).
Base rate is the minimum interest rate below which banks do not lend. A basis point is one hundredth of a percentage point.
The new rate will be effective from August 23.
HDFC Bank, Axis Bank, Kotak Mahidnra Bank and YES Bank are among the private lenders to have increased their base rate following the Reserve Bank of India’s liquidity tightening measures announced in July.
Now, ICICI Bank has also hiked its benchmark prime-lending rate by 0.25 per cent and in its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from August 23. The above benchmark rates are used for determining interest rates on loans and advances sanctioned up to June 30, 2010.
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