ICICI Bank hikes PLR by 100bps to 14.75%

ICICI Bank has announced an increase of 1% in its benchmark advance rate (I-BAR) and its floating reference rate (FRR) for consumer loans, including home loans, with effective February 09.

According to the release issued by the bank to BSE today, the revised I-BAR will be 14.75% p.a. payable monthly as against 13.75% at present. The revised FRR will be 11.75%.

For existing floating rate customers, the increase in FRR by 1% 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.

The bank has also announced an increase in interest rates on 80C fixed deposits (FD) of value less than Rs 1 lakh by 1.25% for 5-year tenure with effect from February 09. The revised interest rate on 80C FD will be 9.50% as against 8.25% at present.