New Delhi, April 19: India's second largest bank ICICI Bank Ltd on Thursday reduced the base rate by 0.25% to 9.75% from 10% earlier. The new rates will be effective from April 23, 2012.
ICICI Bank also reduced the benchmark prime lending rate and floating reference rate for consumer loans, including the home loan, by 0.25%. This new rate will also come into effect from April 23, 2012. The above benchmark rates are used for determining interest rate on loans sanctioned upto June 30, 2010. The fixed rate customers will not be impacted by the latest rate change.
The largest private sector bank in a statement said that the systematic liquidity has improved significantly since last week of March 2012 and liquidity deficit is expected to reduce further going forward.
The Reserve Bank of India (RBI), in its April 17 Monetary Policy Review, cut the policy rates by 50 basis points and enhanced the borrowing limits for banks under the marginal standing facility (MSF) to 2% of net and time liabilities, leaving enough room for banks to reduce lending rates.
ICICI Bank decreased the retail fixed deposit rates for various tenors by 0.25%
New Delhi, April 19: India's second largest bank ICICI Bank Ltd on Thursday reduced the base rate by 0.25% to 9.75% from 10% earlier. The new rates will be effective from April 23, 2012.
ICICI Bank also reduced the benchmark prime lending rate and floating reference rate for consumer loans, including the home loan, by 0.25%. This new rate will also come into effect from April 23, 2012. The above benchmark rates are used for determining interest rate on loans sanctioned upto June 30, 2010. The fixed rate customers will not be impacted by the latest rate change.
The largest private sector bank in a statement said that the systematic liquidity has improved significantly since last week of March 2012 and liquidity deficit is expected to reduce further going forward.
The Reserve Bank of India (RBI), in its April 17 Monetary Policy Review, cut the policy rates by 50 basis points and enhanced the borrowing limits for banks under the marginal standing facility (MSF) to 2% of net and time liabilities, leaving enough room for banks to reduce lending rates.
ICICI Bank decreased the retail fixed deposit rates for various tenors by 0.25%
