INSUBCONTINENT EXCLUSIVE:
IDBI Bank's new rates have been effective from May 12, the bank said in a statement
The state-run IDBI Bank raised its marginal cost of funds based lending rate (MCLR)
The increase has taken place by up to 10 basis points across various tenors
The new rates have been effective from May 12, the bank said in a statement
The one-year MCLR has been raised to 8.65 per cent
The two year MCLR, now, will be 8.7 per cent
For instance, the overnight MCLR rate now stands at 8 per cent
If you increase the tenure to one month, the MCLR will rise to 8.10 per cent
The three-month MCLR, however, is marginally higher at 8.35 per cent
Similarly, the six month MCLR based lending rate is 8.45 per cent.The marginal cost of funds based lending rate(MCLR) refers to the minimum
interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI
It is an internal benchmark or reference rate for the bank.Early in the month of March, State Bank of India (SBI) and Punjab National Bank
(PNB), raised their lending rates, following which ICICI Bank also raised its marginal cost of funds based lending rates (MCLR) with effect
The marginal cost of funds based lending rate of ICICI Bank is now 7.95% for the overnight rate against the earlier 7.8%, a hike of 15 basis
points.The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except
in some cases allowed by the RBI
TheIndianSubcontinent.com
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