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ICICI Bank cuts lending rates by half a percent

New Delhi, June 04, 2009

India's largest private sector lender ICICI Bank has cut the floating reference rate (FRR) by 50 basis points, including the floating home loan rate, the company announced Thursday.

The revised FRR will be 12.75 percent as against 13.25 annually, the bank said in a regulatory statement.

All existing floating rate retail customers will benefit from the rate cut.

The bank has also announced a reduction of the benchmark advance rate to 15.75 from 16.25 percent anually.

The revised rates will be applicable from Friday.

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