ICICI Bank cuts retail floating, lending rates by 50 bps

ICICI Bank, the country’s second largest bank, on Thursday cut its Floating Reference Rate (FRR) for retail loans as well as its benchmark advance rate by 50 basis points each even as State Bank of India, India’s largest bank, said that it has room to further clip interest rates on deposits and advances by 25 basis points.

The interest rate cuts by ICICI Bank will be effective from Friday. Post the rate cut, the private sector bank’s FRR and benchmark advance rate will be 12.75 per cent and 15.75 per cent, respectively