ICICI Bank reduces Marginal Cost of funds based Lending Rate (“MCLR”) by 0.70%

January 03, 2017




Mumbai: ICICI Bank has announced a reduction of 0.70% in I-MCLR benchmarks across tenures. The revised I-MCLR benchmarks effective from January 3, 2017 are provided below:

 

Benchmark tenureBenchmark nameBenchmark rate p.a.
Overnight I-MCLR-ON 8.00%
One month I-MCLR-1M 8.00%
Three months I-MCLR-3M 8.10%
Six months I-MCLR-6M 8.15%
One year I-MCLR-1Y 8.20%

 

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

 

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 144.7 billion at September 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.

 

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