The largest private sector lender ICICI Bank has sold a benchmark bond issue at a coupon of 3.833 per cent to overseas investors.
The largest private sector lender ICICI Bank has sold a benchmark bond issue at a coupon of 3.833 per cent to overseas investors.
The USD 500-million ten-year dollar money was issued through the Dubai branch of ICICI Bank, an official at Citigroup India, which was the sole advisor to the deal, told PTI today.
The bank has initially given a price guidance of 170 bps over the US treasury for the 144 A RegS issue, which is part of the bank's medium-term notes programme.
Due to high demand, the pricing came down by 20 bps to 150 bps over the US treasury offering a yield of 3.833 per cent to the investor, the i-banker said.
Meanwhile, ICICI bank has rolled out a new facility for its customers. The bank has launched a facility that enables its customers to open an Public Provident Fund (PPF) account instantly online and in a complete paperless manner.
With this launch, ICICI customers will save time by not visiting the bank branch and will avoid a tedious paper work too. They can open up their PPF account anytime while logging on the bank's website or via its mobile app.
PPF is one of the most popular small savings schemes and currently fetches an interest rate of 7.8 per cent. One of the striking features of the PPF scheme is that the interest rate and returns it gives, are completely exempted from Tax.
Public Provident Fund or PPF is a government supported long-term investment scheme, that allows the subscriber to invest minimum Rs 500 to maximum Rs. 1,50,000 in one fiscal year and can even avail the facilities such as loan, withdrawal and extension of account.
With the latest move, ICICI Bank has become the first in the country to introduce a fully digital and paperless procedure for opening a PPF account. At present, apart from post offices, many banks, including SBI and ICICI, offer PPF facilities.
(With inputs from PTI)
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 "ICICI Bank mops up $500 mn in overseas bond sale")
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