News Release


ICICI Bank Canada offers unprecedented interest rates for HiSAVE Savings Account - with no conditions

TORONTO, June 21 /CNW/ - ICICI Bank Canada is pleased to announce an increase to its Canadian and US Dollar HiSAVE Savings Account interest rates. The new rates are 4.50% per annum on the Canadian Dollar and 5.00% per annum on U.S. Dollar HiSAVE Savings Account. Both rates were effective June 18, 2007.

ICICI Bank Canada's higher rates are supplemented by the HiSAVE Savings Account's features of no monthly fees, no minimum balance requirement, and available exclusively through its online platform to all its Canadian retail customers.

"HiSAVE is an online offering with no strings attached. It is hassle-free, extremely attractive and very straightforward," says Hari Panday, President & CEO of ICICI Bank Canada. "Through such an offering, we bring "best-in-class" interest rates to our online customers coast to coast".

HiSAVE Savings Account can be opened in Canadian and U.S. Dollars and operated through the Internet and telephone banking channels; in addition, customers need not close their existing bank accounts - they can link their existing bank accounts at other financial institutions with accounts opened at ICICI Bank Canada.

In addition to the above changes, ICICI Bank Canada also increased rates of interest on Canadian and U.S. Dollar GICs, effective June 18, 2007. All current interest rates are available on icicibank.ca.

About ICICI Bank Canada:

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, is a full-service direct bank with an asset base of over C$2 billion, offering a comprehensive suite of personal, commercial and cross-border banking products and services. The Bank is supported by a state-of-the-art electronic banking platform (icicibank.ca), a 24-hour toll-free customer contact centre and proprietary ABMs. It has established its branch network in the Greater Toronto Area (Brampton, Downtown Toronto, Gerrard Street East, and Scarborough) and Greater Vancouver Regional District (Downtown Vancouver and Surrey).

About ICICI Bank Limited:

ICICI Bank Limited is India's second largest bank, and largest private sector bank in the country, with an asset base of over US$79 billion. ICICI Bank Limited serves a growing customer base through a multi-channel access network of over 950 branches and 3,300 ABMs, call centers and internet banking (icicibank.com). ICICI Bank Limited was awarded "Best Bank of the Year 2006" in India by Business India - the Magazine of the Corporate World. ICICI Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai, and representative offices in the United States, United Arab Emirates, China, South Africa and Bangladesh. The UK subsidiary has established a branch in Belgium.