ICICI Bank has announced an increase of 1 per cent in its benchmark advance rate (I-BAR) and its floating reference rate for consumer loans, including home loans, with effective from February 9.

According to the release issued by the bank to Bombay Stock Exchange on Tuesday, the revised I-BAR will be 14.75 per cent per annum payable monthly as against 13.75 per cent at present. The revised FRR will be 11.75 per cent.

Don't hike home loan rates: FM to banks

For existing floating rate customers, the increase in FRR by 1 per cent will be effective from the respective reset dates.

The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged.

The bank has also announced an increase in interest rates on 80C fixed deposits (FD) of value less than Rs 1 lakh by 1.25 per cent for 5-year tenure with effect from February 09.

The revised interest rate on 80C FD will be 9.50 per cent as against 8.25 per cent at present.