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NT Bureau
Chennai, Feb 11:

        ICICI Bank has announced an increase of 1 per cent in its benchmark advance rate and its floating reference rate for consumer loans (including home loans) with effect from 9 February, 2007.

        The revised rates will be 14.75 per annum payable monthly as against 13.75 per cent at present. The revised FRR will be 11.75 per annum as against 10.75 per cent at present.

        For existing floating rate customers, the increase in FRR by 1 per cent 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 increased the rates on 80C fixed deposits of value less than Rs 0.10 million by 1.25 per cent for 5-year term. The revised interest rate on 80C FD will be 9.50 per cent per annum as against 8.25 per cent at present.