ICICI Bank Cuts MCLR; Loan EMIs To Get Cheaper
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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% |
Story first published: Monday, August 3, 2020, 12:33 [IST]