Pre-Budget Brits Must Face Coalition Cut-Backs

LONDON, June 7, 2010 - Hot on the heels of the recent announcement that Britain can expect
Chancellor George Osborne's first Budget Statement on Tuesday 22nd June,
ICICI Bank gives its own savings tips to help Brits prepare for cut-backs
which may lie ahead.

With authorised overdraft rates at a 10-year high*, now is the time for
UK adults to look for reliable money savings options that increase
self-sufficiency and leave something in reserve for uncertain economic times.
Using the first of a quarterly index which tracks the true financial health
of British adults, ICICI Bank has interviewed more than 2,000 adults across
15 UK cities, asking them about their spending and savings habits.

Anubrata Biswas, Head of Retail Banking for ICICI Bank UK plc comments on
anticipated tax rises and higher monthly household bills: "Average living
costs amount to around GBP900 per month for most adults in the UK, which
leaves the average person with just over GBP120 per week to live on after
outgoings. Our research reveals that over 60% of British adults expect to
save less than GBP50 in the next month and more than half of them have less
than GBP1000 put aside for future plans. The imminent budget might mean that
people would be relying more on savings to meet higher living costs. Everyone
is making adjustments but what's even more important is generating the best
possible return on what you're able to put away. Savers need to look for the
best possible deal to make their money work harder."

Continuing on the rising cost of borrowing, Anubrata Biswas said: "Rising
credit card and loan rates mean that borrowing should no longer be considered
a bail-out option. Of the UK adults we interviewed,77% did not expect to
spend using new borrowing in the coming month, with a further 9% expecting to
borrow only GBP50 or less. Money that is spent monthly on debt can, once the
debt is cleared, be put into savings, ready to cover any emergency in the
face of possible government cut-backs."

Average basic salaries vs monthly outgoings, by city:

    UK cities   Basic Salary       Monthly outgoings            Difference
                per month after
                income tax*1     (made up of amount spent
                                 on essential living costs,
                                 existing debts, amount
                                 spent on everyday social
                                 and luxury items,
                                 borrowing and savings &
                                 investments)

    Oxford      GBP1,768.34          GBP1,218.30                GBP550.04
    Brighton    GBP1,768.34          GBP1,114.00                GBP654.34
    Southampton GBP1,768.34          GBP1,025.80                GBP742.54
    Bristol     GBP1,446.64          GBP1,167.80                GBP278.84
    Edinburgh   GBP1,489.62          GBP1,155.20                GBP334.42
    Nottingham  GBP1,467.78          GBP981.20                  GBP486.58
    Leeds       GBP1,235.52          GBP1,283.10                -GBP47.58
    Cardiff     GBP1,379.04          GBP1,232.80                GBP146.24
    Newcastle   GBP1,604.02          GBP886.20                  GBP717.82
    Norwich     GBP1,651.18          GBP970.20                  GBP680.98
    Manchester  GBP1,494.82          GBP914.30                  GBP580.52
    Plymouth    GBP1,446.64          GBP1,097.40                GBP349.24
    Glasgow     GBP1,579.42          GBP986.10                  GBP593.32
    London      GBP2,090.06          GBP1,288.60                GBP801.46
    Birmingham  GBP1,448.38          GBP1,026.80                GBP421.58

References:

*The Mirror, 'Groans on Loans', 15th May 2010

*1 ONS DATA, April 2010

Notes to editors

1. The HiSAVE research was conducted by Vision Critical among a weighted,
GB representative sample of 2,000 adults in April 2010. This sample was
supplemented to give a minimum representative sample of 100 people in each of
the 15 cities surveyed.

2. Photography and further HiSAVE product information is available on
request.

3. The HiSave City Saving Index will be published every three months to
reveal the changing financial fortunes of British cities. To be added to the
priority email list for forthcoming releases, email your contact details to:
icicipressuk@fd.com

4. About HiSAVE and ICICI Bank UK PLC (website www.hisave.co.uk
and www.icicibank.co.uk):

HiSAVE is ICICI Bank UK PLC's range of interest online savings accounts.
About 175,000 UK savers trust HiSAVE to look after their hard-earned savings.
The HiSAVE savings range consists of:

    - The HiSAVE Savings Account: an easy access savings account with one
      consistently high interest rate for everyone plus a unique guarantee
      that the AER will beat the Base Rate by at least 0.30% until at least
      December 2011. The minimum balance is just GBP1 and there are no
      penalties or notice periods for withdrawals. The current interest rate
      is 1.30% AER.

    - The HiSAVE Fixed Rate Account: a range of fixed rate savings accounts
      that enable customers to avoid interest rate fluctuations by saving a
      lump sum for a fixed term (of either 6, 12, 18, 24, 36, 48 and 60
      months) in return for a fixed interest rate (the current interest
      rates are 1.5%AER, 2.75%AER, 3.20%AER, 3.70% AER, 4.25% AER, 4.50% AER
      and 5% AER respectively). The minimum balance is just GBP1000.

ICICI Bank UK PLC is a UK bank offering retail, corporate and investment
banking services in the UK and Europe. It is:

    - Authorised and regulated by the Financial Services Authority

    - A member of the UK Financial Services Compensation Scheme.

    - A subscriber to the Lending Code - a voluntary code that sets the
      standards for good banking practice

    And:

    - Has been operating in the UK since 2003 and for the financial year
      ending 31 March 2010 ICICI Groups had assets in excess of $80 billion.

    - Has a strong capital adequacy ratio: 17.30 (as at 31 March 2010). A
      banks capital adequacy ratio is a measure of a bank's capital relative
      to its risk. Banks have specific capital adequacy requirements to
      ensure they can absorb a reasonable amount of loss and are complying
      with their statutory capital requirements. The UK government has
      recently recapitalised a number of UK banks to help get their capital
      adequacy ratio up to a healthier ratio - around 12%. ICICI Bank UK
      PLC's capital adequacy is considerably higher than this 12% benchmark.

    - Has a credit rating of Baa2 from Moody's.

    - Is part of a global banking group that looks after 25 million customers
      worldwide.

The product and services mentioned in this press release are provided by
ICICI Bank UK PLC and are subject to terms & conditions (available on
www.hisave.co.uk and www.icicibank.co.uk or at any of our
branches) ICICI Bank and the "I man" logo are the trademarks and property of
ICICI Bank Limited.

For more information or to arrange interviews, contact: Guy Bellamy/ Lisa Donohue/ Rosie Dodd, +44(0)20-7269-7177/ 7219/ 7112, Guy.Bellamy at fd.com/ Lisa.Donohue at fd.com/ Rosie.Dodd at fd.com