 |
 |
-
Real Estate India
-
Explore Inside Pages
-
News by Month
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
ICICI Bank reduces lending and deposit rates
| April 22, 2009 |   (1 votes, average: 3 out of 5) Loading ... |
Soon after the RBI reduced policy rates by 25 basis points, the country’s largest private sector lender, ICICI Bank, today slashed the benchmark lending rate by 50 basis points, a move that would benefit millions of home, consumer and corporate loan borrowers.
The benchmark advance rate will be reduced by 50 basis points to 16.25 per cent with effect from tomorrow, ICICI Bank said in a statement.
At the same time, the bank also decided to reduce deposit rates by 25-50 basis points across various tenors. The new fixed deposit rates would be effective from April 24, it said.
Meanwhile, the RBI today reduced the short-term lending (repo) and borrowing (reverse repo) rate by 25 basis points each to 4.75 per cent 3.25 per cent, respectively, with immediate effect.
ICICI Bank has also reduced the floating reference rate by half a percentage point to 13.25 per cent. All the existing floating rate customers will benefit from the cut, the statement added. ICICI Bank last reduced its lending and deposit rates effective December 31, 2008. The Benchmark Advance Rate was reduced by 0.5 percentage points to 16.75 per cent.
The floating reference rate was slashed, and the home loan rate was reduced to 13.5 per cent while deposit rates were reduced by 50-75 basis points across various tenors. Meanwhile, other banks including SBI also hinted at revision in both lending and deposit rates in the coming days.
“It (the RBI rate cuts) is a very clear-cut signal that interest rates should ease,” SBI Chairman O P Bhatt told reporters after meeting RBI Governor D Subbarao. At the same time, UCO Bank CMD S K Goel said “as far as my bank (UCO Bank) is concerned, we are going to reduce our BPLR by 0.25 per cent.” The Kolkata-based bank will be holding its board meeting in the next 10-15 days and a decision on a rate cut would be taken then, he said.
News Published Under: Real Estate India, Banking and Finance |
|
Add to Favourite:
:
|
Related News:
