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ICICI Bank has cut the interest rates on retail fixed deposits for various tenors by 25 basis points. It has also pared its lending rate benchmark — the base rate — by 25 basis points.
Both the rate cuts come into effect from April 23. The revised base rate will be 9.75 per cent against 10 per cent at present.
India’s largest private sector bank has also announced a reduction of 25 basis points in its benchmark prime-lending rate to 18.5 per cent from 18.75 per cent and in its floating reference rate for consumer loans (including home loans) to 15.5 per cent from 15.75 per cent.
BPLR and FRR are used for determining the interest rates on loans and advances sanctioned up to June 30, 2010.
The bank, in a statement said, fixed rate customers will not be impacted by the above reduction and their contracted rates will remain unchanged.
Ms Chanda Kochhar, Managing Director & CEO, 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.’’
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