Citibank MCLR Rate, Citibank Base Rate – Jan 2017

Citibank MCLR Rate – Current Rate, Past Trend

Last Updated 17th Jan 2017
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Citibank MCLR, Base Rate Tenure
8.00% Overnight
8.10% 1 Month
8.10% 3 Month
8.10% 6 Month
8.05% 1 Year
Base rate - 9.10%
Current MCLR base rate of Citibank ranges from 8.00% to 8.10% depending on the reset frequency of the loan. Rates are revised every month.
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Citibank Interest Rates
Home Loan Interest Rates 8.80% * Floating Detail
Loan Against Property Rates 10.00% * Floating Detail
Personal Loan Interest Rates 11.49% * Detail
Fixed Deposit Interest Rates 3.00% to 5.75% * Detail

Past Trend Base Rate of Citibank

Citibank base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
07th Jan 17
8.00%
8.10%
8.10%
8.10%
8.05%
-
-
-
07th Dec 16
8.10%
8.20%
8.20%
8.20%
8.15%
-
-
-
07th Nov 16
8.10%
8.30%
8.30%
8.35%
8.30%
-
-
-
07th Oct 16
8.30%
8.30%
8.35%
8.40%
8.35%
-
-
-
07th Sep 16
8.30%
8.40%
8.45%
8.50%
8.45%
-
-
-
07th Aug 16
8.25%
8.50%
8.55%
8.60%
8.55%
-
-
-
07th Jul 16
8.20%
8.55%
8.60%
8.65%
8.60%
-
-
-
07th Jun 16
8.35%
8.65%
8.80%
8.75%
8.65%
-
-
-
07th May 16
8.45%
8.75%
8.90%
8.85%
8.75%
-
-
-
01st Apr 16
8.65%
8.95%
9.00%
9.00%
8.85%
-
-
-

Citibank base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Citibank decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Citibank has different MCLR base rates ranging from 8.00% to 8.10% for different tenures

Changes in MCLR Base rate of Citibank

  • MCLR rate can be revised by Citibank every month
  • Note that it is not mandatory for Citibank to revise its rate every month and it may choose to retain the same rate for a longer period

Citibank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Citibank is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from Citibank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Citibank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 8.85%. This loan will initially be priced at 9.35%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 8.6%, the loan will be priced at 9.1% for the next year

Past trend of Citibank Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
20th Sep 16 9.10% decreased by 0.05%
07th Jun 16 9.15% decreased by 0.1%
05th Apr 16: 0.25% repo cut by RBI
12th Oct 15 9.25% decreased by 0.1%
29th Sep 15: 0.5% repo cut by RBI
01st Jul 15 9.35% decreased by 0.15%
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
17th Nov 14 9.50% decreased by 0.25%
28th Jan 14: 0.25% repo hike by RBI
06th Jan 14 9.75% increased by 0.25%
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
10th Jan 13 9.50% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
05th Aug 11 9.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
27th Jun 11 9.50% increased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
09th May 11 9.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
25th Feb 11 8.50% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
22nd Dec 10 8.00% increased by 0.25%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 7.75% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.25%

Citibank Base Rate Vs. RBI Repo Rate Trend

About Citibank

  • Citibank is a Foreign Bank in India with 53 branches, 577 ATM's and 5,758 employees across the country.
  • Citibank's registered office is located at First International Financial Centre, Plot Nos C-54 and C-55, G-Block, Bandra Kurla Complex, Bandra East, Mumbai 400051. .
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 5,844 crs. and Standalone net profit of Rs. 3,423 crs. Citibank reported total deposits of Rs. 88,912 crs and total advances of Rs. 60,896 crs.
  • Citibank's management is led by its CEO Mr. Pramit Jhaveri.
  • Its current Base Rate is 9.10%, which was last revised on 20th Sep 16.
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News - Jan 2017
09th Jan 17 Citibank India cuts home loan rates to 8.80 percent
Citibank India has reduced its home loan interest rates by 70 basis points to 8.80 percent for salaried employees. Similarly, home loan interest rate for self employed borrowers now stands at 9.05 percent as compared to 9.75 percent earlier. The rates are effective from 9th January, 2017.
07th Jan 17 Citibank India reduces MCLR by 10 basis points
Citibank India has reduced its overnight and one month marginal cost of lending rate to 8 and 8.10 percent from 8.10 and 8.20 percent earlier. The bank has also reduced six month and one year MCLR by 10 basis points to 8.10 and 8.05 percent respectively. The rates are effective from 7th January, 2017.
28th Nov 16 Citibank temporarily waives off debit card fees for merchants
Citibank India announced temporary suspension of merchant discount rate (MDR) on all domestic debit card transactions. The suspension is effective from 26th November, 2016 to 31st December, 2016.
11th Nov 16 Citibank launches digital wallet app Citi Pay
Citibank unveiled a digital wallet application Citi Pay for customers to make seamless payments. Customers can load their credit card and debit card and make payments directly from their smart phones. Shoppers can use the app for making in-store -purchases at any store equipped with point of sale registers supporting NFC technology and can make payments without swiping their cards.
04th Nov 16 Citibank loan against property rates reduced from 1st November, 2016
Citibank has reduced its loan against property rates for self employed customers with capital invested of upto Rs. 5 crores. The revised loan against property interest rate ranges from 9.50 percent to 10.25 percent depending upon loan amount. The floating rates are benchmarked to 3 month MCLR Base rate of Citibank. The borrower can also avail flexi overdraft facility with this loan. The new rates will be effective from 1st November, 2016.
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