ICICI Bank announces Marginal Cost of funds based Lending Rate (MCLR)

March 31, 2016




ICICI Bank announces the introduction of the following ICICI Bank MCLR (“I-MCLR”) benchmarks:

 

Benchmark tenureBenchmark nameBenchmark rate p.a.
Overnight I-MCLR-ON 9.00%
One month I-MCLR-1M 9.00%
Three months I-MCLR-3M 9.10%
Six months I-MCLR-6M 9.15%
One year I-MCLR-1Y 9.20%

 

Interest rate on all rupee loans sanctioned and credit limits renewed w.e.f. April 1, 2016 will be priced with reference to I-MCLR benchmarks.

 

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About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is a leading bank with consolidated total assets of US $ 132.17 billion at March 31, 2015. 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 17 countries, including India.

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

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