ICICI Bank Cuts MCLR; Loan EMIs To Get Cheaper

ICICI Bank recently announced a cut of 10 basis points in its lending rates across tenures under the marginal cost of funds based lending rate (MCLR) system.

With effect from 1 August, the bank's one-year MCLR will come down to 7.45 percent and the overnight MCLR will be 7.25 percent. One-year MCLR is the basis for a majority of retail products like home loans and will cause the EMI out-go of customers on such loans to fall.

With effect from 1 August, the new MCLR are:

• Overnight: 7.20 percent
• One-month: 7.20 percent
• 3-month: 7.25 percent
• 6-month: 7.40 percent
• 1-year: 7.45 percent

Recently, the private lender also revised its interest rates on fixed deposits below Rs 2 crore with effect from 14 July.

Tenure	General interest rates	Senior citizen interest rates
7 days to 29 days	2.50%	3.00%
30 days to 90 days	3.00%	3.50%
91 days to 184 days	4.10%	4.60%
185 days to 289 days	4.50%	5.00%
290 days to less than 1 year	4.75%	5.25%
1 year to less than 18 months	5.15%	5.65%
18 months days to 3 years	5.35%	5.85%
3 years 1 day to 5 years	5.50%	6.00%
5 years 1 day to 10 years	5.50%	6.30%