India's largest private sector lender, ICICI Bank, has raised deposit rates by 25-75 basis points in select term deposits. The rate increase is effective from July 22, the bank said on its website. For deposits below Rs 15 lakh, the bank would offer 6.25 per cent for maturity of 46-60 days, 6.5 per cent for maturity of 61-90 days, and 9.25 per cent for maturity of 390 days. ICICI Bank had increased its benchmark prime lending rate (BPLR) and base rate by 25 basis points each this month.
The base rate is now 9.50 per cent., while the BPLR is 18.25 per cent.