India's largest private sector bank has some good news for the depositors. ICICI on Thursday has announced a hike in the deposit rates. The rates would be effectively immediately. They have increased the rate with 25 basis points across different maturities.

This move has automatically hinted that the lending rates might go up in some time. The bank's deposit rate has now risen to 6.75% for the deposits having a 390-day maturity which was earlier a meager 6.5%. The 590-day maturity interest rates have gone up by 50 basis points to 6.75% which were earlier 6.25 percent.

Just about a week ago, HDFC, another big name in banking had hiked its rates by 150 basis points for some of its maturities. In some tenure the government owned IDBI had also hiked the rates by 0.25 percent. The RBI had earlier increased the CRR by 75 basis points, citing reasons that there was enough liquidity now in the markets and some of it needed to be sucked back from the system.