Soon after the RBI reduced policy rates by 25 basis points, the country's largest private sector lender, ICICI Bank, on Tuesday slashed the benchmark lending rate by 50 basis points, a move that would benefit millions of home, consumer and corporate loan borrowers.
The benchmark advance rate will be reduced by 50 basis points to 16.25% with effect from Wednesday, ICICI Bank said in a statement. At the same time, the bank also decided to reduce deposit rates by 25-50 basis points across various tenors. The new fixed deposit rates would be effective from April 24, it said.
Meanwhile, the RBI on Tuesday reduced the short-term lending (repo) and borrowing (reverse repo) rate by 25 basis points each to 4.75% 3.25%, respectively, with immediate effect.
The bank has also reduced the floating reference rate by half a percentage point to 13.25%.
All the existing floating rate customers will benefit from the cut, the statement added.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment