News Release

ICICI Bank Canada launches high interest short-term C$ GICs and increases US$ HiSAVE Savings Account interest rate.

TORONTO, June 19 /CNW/ - ICICI Bank Canada, known for its best-in-class interest rates on deposit accounts, announced today that it has launched short-term C$ GICs:

• One-month GIC rate of 3.75 per cent
• Three-month GIC rate of 3.80 per cent
• Six-month GIC rate of 4.00 per cent

Effective June 19, 2006, the Bank also announced that the interest rates earned on US$ HiSAVE Savings Account has increased to 4.25 per cent from 3.50 per cent. Further, ICICI Bank Canada will also deposit a bonus of $20 into the customer's newly opened HiSAVE Savings Account. The new interest rate 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 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.