ICICI Bank slashes rates

Mumbai: ICICI Bank has announced a 25-50 basis points reduction in domestic deposit rates in various maturities. The bank has also cut the rate on floating rate home loans by 25-50 basis points.

The reduction in deposit rates will be applicable only to renewals and fresh deposits on or after 14 November 2003, said a press release from ICICI Bank.

ICICI Bank's new rates are comparable to State Bank of India's (SBI) rates except in the 180 days to one-year category where SBI offers a lower rate of 4.75 per cent.

On the home loan front, ICICI Bank has announced a cut of 25-50 basis points on floating rate home loans and a 50 basis points slash in its home prime-lending rate.

The 0.5-per cent reduction in the ICICI home prime-lending rate to 9.75 per cent will pass the benefits of falling interest rates to existing floating rate customers in addition to the new customers. The home prime lending rate is the benchmark home loan rate based on which all related home loan rates are calculated.