News Release

Toronto, Ontario, September 25, 2008 – ICICI Bank Canada has announced the launch of its new HiVALUE Chequing Account. The Canadian Dollar HiVALUE Chequing Account offers up to 1.5% interest on a customer’s balance, one of the highest interest rates currently available in Canada for a comparable chequing account.

“This is a very competitive product for ICICI Bank Canada,” says Mr. Sriram H. Iyer, President and CEO of ICICI Bank Canada. “With the HiVALUE Chequing Account, ICICI Bank Canada has further demonstrated our commitment to helping Canadians keep their money in their pockets while earning some interest as well.”

The Canadian Dollar HiVALUE Chequing Account offers 1.0% interest on balances between $1,000 and $2,500 and 1.5% interest on balances over $2,500. The tiered interest is calculated daily and paid monthly.

In addition to the attractive interest features, the new Canadian Dollar HiVALUE Chequing Account also offers additional significant value with no transaction fees. It offers free and unlimited in-branch debit transactions, Interac^® direct payments, online bill payments, and transactions conducted at over 2,200 ABMs on the Exchange® network. The account requires no minimum balance and the first 50 cheques are free. Until November 30, 2008, it also offers free money transfers to Bangladesh, China, Ghana, India, Nepal, Philippines, Sri Lanka or Vietnam.

“ICICI Bank Canada offers a full suite of personal financial services, which includes our flagship online product, the high interest HiSAVE^® Savings Account,” adds Mr. Iyer. “This account currently offers 3.4% on Canadian balances and 2.5% interest on U.S. balances with no maintenance fees and no minimum balance required.”

ICICI Bank Canada has experienced substantial growth since opening in December 2003. In the last five years, the Bank has acquired over 240,000 customer accounts through online, telephone and in-branch registrations across all provinces and territories in Canada.

The HiVALUE Chequing Account can be opened by downloading an application form from icicibank.ca to submit by mail or by visiting any of the Bank’s nine branches in the Vancouver, Calgary and Toronto areas.

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, is a full-service direct bank with an asset base of over C$4.3 billion as of June 30, 2008, 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, Don Valley Parkway, Downtown Toronto, Gerrard Street East, Mississauga and Scarborough), Greater Vancouver Regional District (Downtown Vancouver and Surrey), and Calgary.

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of about US $113 billion as of June 30, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.