News Release

ICICI Bank Canada increases interest rates on Short-term GICs and C$ HiSAVE Savings Account

TORONTO, July 5 /CNW/ - ICICI Bank Canada, known for its best-in-class interest rates on deposit accounts, today has announced an increase in interest rates on C$ and US$ short-term GICs and the C$ HiSAVE Savings Account.

The new interest rates on ICICI Bank Canada's short-term GICs will be:

• One-month GIC rate - 4.00 per cent for C$ and 5.00 per cent for US$
• Three-month GIC rate - 4.10 per cent for C$ and 5.10 per cent for US$
• Six-month GIC rate - 4.20 per cent for C$ and 5.15 per cent for US$

Effective July 5, 2006, the bank also announced that the interest rates earned on the C$ HiSAVE Savings Account has increased to 3.75 per cent from 3.50 per cent, and the bank will continue to offer an interest rate of 4.25 per cent on the US$ HiSAVE Savings Account. Furthermore, for a limited time until July 14, 2006, ICICI Bank Canada will also deposit a bonus of $20 into the customer's newly opened HiSAVE Savings Account. The new interest rates will be applicable to both new and existing customers of the bank.

Since inception, ICICI Bank Canada has consistently offered one of the highest interest rates in Canada and with the latest increase the bank continues to lead the large domestic banks, HSBC Bank and ING in Canada. Customers can open deposit accounts with ICICI Bank Canada 24 hours a day, seven days a week online at icicibank.ca or by calling 1-888-ICICI-CA.

About ICICI Bank Canada:

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, 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.