A recent press report said that ICICI Bank has decided to increase its base rate and the benchmark prime lending rate (BPLR) by 25 basis points.
Reports said that the bank’s revised base rate will be 9.50 per cent (currently 9.25 per cent) and BPLR will be 18.25 per cent (18 per cent). The bank has also increased its floating reference rate (FRR) for consumer loan (including home loan) by 25 basis points to 15.25 per cent (15 per cent).
Reports said that the fixed rate customers will not be affected by the increase in BPLR and FRR and their contracted rates will remain unchanged.
Reports also said that Canara Bank, Corporation Bank and Indian Overseas Bank have announced an increase in their lending rate benchmarks in the last couple of days.
Canara Bank and IOB increased their base rate and BPLR by 25 basis points each to 10.25 per cent and 14.50 per cent respectively.Corporation Bank increased its base rate by 35 basis points to 10.25 per cent and Dena Bank has also increased its base rate and BPLR by 25 basis points.
ICICI has announced that the revised base rate would be 10.20 per cent (9.95 per cent) and the revised BPLR, 15.25 per cent (15 per cent).