News Release

ICICI Bank Canada increases interest rate to 3.50% p.a. on its Canadian and US Dollar HiSAVE Savings Account

TORONTO, March 24 /CNW/ - ICICI Bank Canada, known for its "best-in- class" interest rates, today announced changes to its personal savings accounts.

Effective March 27, 2006, the Bank will offer HiSAVE Savings Account exclusively to its online customers and increased interest rates on this online product to 3.50% p.a. The new interest rate of 3.50% p.a. applies to both Canadian and US Dollar HiSAVE Savings Accounts, and extends to new and existing HiSAVE customers using online channels. Hereafter, the HiSAVE Savings Account will be available to customers through the internet and phone banking and not as a full-service savings product at the Bank's five branches.

ICICI Bank Canada has concurrently renamed the full-service savings account offering in its branches as the "Premium Savings Account". The Bank confirmed to all its full-service branch customers that they will continue to earn its prevailing interest rate of 3.00% p.a. on the newly renamed Premium Savings Account.

The interest rate difference between online and full-service suite is indicative of the low servicing needs of its online segment. HiSAVE Savings Account and Premium Savings Account will continue to be available in both Canadian and US Dollars, with no changes to great features like no account charges and no minimum balance requirements. Since inception, ICICI Bank Canada has consistently offered one of the highest interest rates in Canada and with the latest increase, the Bank leads the full-service & other direct banks in Canada.

About ICICI Bank Canada:

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Ltd., is a member of Canada Deposit Insurance Corporation (CDIC) and is a full-service direct bank offering a comprehensive suite of personal and commercial banking, trade finance and non-resident Indian services. The bank is supported by a state-of-the-art electronic banking platform (, a 24-hour toll-free customer contact centre and proprietary ABMs. ICICI Bank Canada branches are currently located in the Greater Toronto Area and Downtown Vancouver.