ICICI Bank hikes PLR, floating rate by 50 bps

ICICI Bank hikes PLR, floating rate by 50 bps

ICICI Bank hikes PLR, floating rate by 50 bps

 The revised rate will be 16.25 per cent per annum as against the existing rate of 15.75 per cent per annum, said an official release here.

It also announced an increase of 0.50 per cent in its Floating Reference Rate (FRR) for consumer loans (including home loans), it added. The revised FRR will be 13.25 per cent a year as against 12.75 per cent year at present.  The above rates were used for determining interest rates on loans and advances up to June 30, 2010.

The Bank said the fixed rate customers will not be impacted by the aforementioned rate increase and their contracted rates will remain unchanged.   With effect from July 1, 2010, interest rate on new loans and advances including consumer loans is determined with reference to ICICI Bank Base Rate. It is maintained at 7.50 per cent a year.

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