The biggest personal loan lender in the country, ICICI Bank has increased deposit rates by 25 to 75 basis points. One basis point equals 0.001% point. The bank has also stated that increase in lending rates in expected in immediate future.
Chanda Kochhar, MD and CEO of ICICI Bank said, “We have increased our deposit rates effective today across various maturities. The increase is more or less by 0.25 per cent. In some tenors, the hike is by 0.5-0.75 per cent”.
Banks such as Punjab National Bank, HDFC Bank, Union Bank, Kotak Mahindra, Central Bank and Lakshmi Vilas Bank have also increased their deposit rates.
Kochhar said that the bank’s lending rates may increase later on but the ultimate decision in this respect will be taken only after properly assessing the total cost of funds.
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