ICICI hikes interest rates
On the heels of Reserve Bank's hiking overnight rates by 25 basis points, the country's largest private sector lender ICICI Bank on Friday announced a hike of 0.50 on interest rates.
By PTI |
MUMBAI: On the heels of Reserve Bank's hiking overnight rates by 25 basis points, the country's largest private sector lender ICICI Bank on Friday announced a hike of 0.50 on interest rates.
The revised rates would be applicable from the middle of next week, ICICI head (retail business) Chanda Kochar said here.
"Normally we see the rates slow down after January-March period. But this year this did not happen. Considering this scenario, we have taken this decision," Kochar said.
She also said that as of now the rates would continue to be higher and the bank would have to react according to the market conditions.
With this revision, the floating interest rate for home loan has increased to 9.50 per cent from earlier nine per cent while the fixed interest loan rate has gone up to 10.75 per cent from 10.25 per cent.
The hike has also affected the corporate lending rates, which were not revised in June, the last time the bank hiked its rates.
However, the bank has not changed the interest rates on deposits.
Explaining this move Kocchar said, "It is true that our costs have gone up from post January period and at the same time the rates did not go down, which we expected. So, we have not touched the deposit rates."
The revised rates would be applicable from the middle of next week, ICICI head (retail business) Chanda Kochar said here.
"Normally we see the rates slow down after January-March period. But this year this did not happen. Considering this scenario, we have taken this decision," Kochar said.
She also said that as of now the rates would continue to be higher and the bank would have to react according to the market conditions.
With this revision, the floating interest rate for home loan has increased to 9.50 per cent from earlier nine per cent while the fixed interest loan rate has gone up to 10.75 per cent from 10.25 per cent.
The hike has also affected the corporate lending rates, which were not revised in June, the last time the bank hiked its rates.
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However, the bank has not changed the interest rates on deposits.
Explaining this move Kocchar said, "It is true that our costs have gone up from post January period and at the same time the rates did not go down, which we expected. So, we have not touched the deposit rates."
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