ICICI, HDFC Bank hike base rate
Posted on: 23/Feb/2011 11:20:45 PM
The country`s two leading private sector banks have increased their benchmark lending rates, making loans more expensive for corporate and retail borrowers.
ICICI Bank increased its base rate by 50 basis points (0.5%) with effect from February 24. The revised rate will be 8.75% as against 8.25% at present. The bank also increased return on its deposits by 25 to 50 basis points. HDFC Bank has also revised its base rate by 45 basis points to 8.2%. It has, however, retained deposit rates.
The bank has also increased interest rates on fixed deposits of various tenures by 0.25-0.50 per cent.
