ICICI Bank is charging different floating interest rates to its new and existing home loan customers. When interest rates went up, ICICI Bank immediately increased the floating interest rates for its existing customers. Now when RBI has reduced key rates, ICICI bank is passing on the benefits only to the new customers and not to existing customers.
Existing customers are still being charged at rate of 13.25% while new customers are being offered lower floating interest rates of 9.25-10%. Over and above this, they are also charging pre-payment penalty so that existing customers cannot switch to other banks which are offering home loan at lower interest rates. Let us all sign the following petition against the bank.