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ICICI Bank Ltd announced today that it has revised the interest rates on its NRE Fixed Deposits and FCNR(B) Deposits with effect from September 17, 2008. The one year NRE deposit rate has been increased by 50 bps to 3.71% p.a. For FCNR (B) deposits denominated in USD, the interest rate for one year has been increased by 50bpsto2.96% p.a. whereas for FCNR(B)deposit denominated in GBP, the rate has been increased to 5.77% p.a. .NS

KV Kammath of ICICI Bank said that the Indian financial system is secure ans tightened over the past few years. He feels that the Indian economic is the best equipped to cope up with the global turmoil..NS

ICICI Bank Ltd, India?s second largest Bank, and The Export-Import Bank of the United States (Ex-Im Bank) today signed a Memorandum of Understanding (MOU) for USD 250 million to work together for financing the capital goods imports of Indian corporates from USA. This understanding is an extension on the Indian Infrastructure Facility of Ex-Im Bank. As per the understanding Ex-Im Bank will provide credit support to International Banks for financing of capital goods imports by Indian corporates. This MOU will particularly benefit companies in sectors such as power, transportation, airports, oil & gas and renewable energy. The MOU was signed by Mr. Ray Ellis, Vice President and Manager of Ex-Im Bank?s Strategic Initiatives Division and Mr. Sonjoy Chatterjee, Executive Director, Member of ICICI Bank Ltd?s board (responsible for Corporate banking and International Banking).

ICICI bank is look good at current level at banking sector is very bearish but for log term view one can invest 25% of its capital in ICICI bank.