Thursday, June 4, 2009

ICICI cuts FRR and I-BAR rates by 0.5 per cent

Leading private sector bank ICICI Bank today announced 0.50 per cent reduction in its Floating Reference Rate (FRR) applicable to floating rate retail loans (including floating rate home loans) with effect from June five.

The revised FRR would be 12.75 per cent per annum as against 13.25 per cent per annum at present.

All the existing floating rate retail loan customers would be benefited by the reduction in FRR.

The bank has also announced a reduction of 0.50 per cent in its Benchmark Advance Rate (I-BAR) from tomorrow. The revised I-BAR will be 15.75 per cent per annum as against 16.25 per cent at present.

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