India's largest private sector lender ICICI Bank has announced a reduction of 0.50 per cent in its floating reference rate (FRR) applicable to floating rate retail loans including home loans with effect from June 05, 2009.
The revised FRR will be 12.75 per cent as against 13.25 per cent at present. All the existing floating rate retail loan customers will be benefited by the reduction in FRR.
ICICI Bank has also announced a reduction of 0.50 per cent in its Benchmark Advance Rate (I-BAR) with effect from June 05, 2009. The revised I-BAR will be 15.75 per cent as against 16.25 per cent at present.
ICICI Bank had cut its lending rates by 50 bps and deposit rates by 25-50 bps on April 21, 2009 following a cut in policy rates by the Reserve Bank of India.
Subsequently, ICICI Bank further pared its deposit rates by 25-50 basis points on deposits of various maturities with effect from May 11,2009.
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