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Citibank MCLR Rates, Citibank Base Rate – Jul 2021

Citibank MCLR Rate

Last Updated 05th Jul 2021

Current MCLR rate of Citibank ranges from 5.65% to 6.15% varying by reset frequency of the loan. Citibank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenors.

Tenure wise MCLR Citibank Rate Today
Overnight 5.65%
1 Month 5.65%
3 Month 5.80%
6 Month 5.95%
1 Year 6.15%
Citibank Base Rate 5.50%
Apply for Home Loan @ 6.65% *

Citibank Interest Rates

Citibank offers the following loans to its customer on these rates currently:

Home Loan Interest Rates 6.65% * Floating Detail
Loan Against Property Rates 7.30% * Floating Detail
Fixed Deposit Interest Rates 2.40% to 3.50% Detail
Saving Account Interest Rates 2.50% to 2.50% Detail
RD Interest Rates 2.75% to 3.00% Detail

MCLR of Citibank

Citibank revises its MCLR rate on a monthly basis. Latest MCLR rates of Citibank as announced on 07 Jun 2021 are:

  • Overnight MCLR Rate is 5.65%.
  • 1 Month MCLR Rate is 5.65%.
  • 3 Month MCLR Rate is 5.80%.
  • 6 Month MCLR Rate is 5.95%.
  • 1 Year MCLR Rate is 6.15%.
  • 2 Year MCLR Rate is 0.00%.
  • 3 Year MCLR Rate is 0.00%.
  • 5 Year MCLR Rate is 0.00%.

Citibank MCLR Rate Trend

Date Citibank MCLR
07th Jun 21 Overnight : 5.65%
1 Month : 5.65%
3 Month : 5.80%
6 Month : 5.95%
1 Year : 6.15%
07th May 21 Overnight : 5.65%
1 Month : 5.65%
3 Month : 5.80%
6 Month : 5.95%
1 Year : 6.20%
07th Apr 21 Overnight : 5.65%
1 Month : 5.65%
3 Month : 5.75%
6 Month : 5.90%
1 Year : 6.10%
07th Mar 21 Overnight : 5.70%
1 Month : 5.90%
3 Month : 5.95%
6 Month : 6.15%
1 Year : 6.30%
07th Feb 21 Overnight : 5.95%
1 Month : 5.95%
3 Month : 6.00%
6 Month : 6.25%
1 Year : 6.35%
07th Jan 21 Overnight : 6.00%
1 Month : 6.00%
3 Month : 6.00%
6 Month : 6.25%
1 Year : 6.35%
07th Dec 20 Overnight : 5.90%
1 Month : 6.15%
3 Month : 6.15%
6 Month : 6.35%
1 Year : 6.45%
07th Nov 20 Overnight : 6.15%
1 Month : 6.20%
3 Month : 6.25%
6 Month : 6.40%
1 Year : 6.50%
07th Oct 20 Overnight : 6.15%
1 Month : 6.25%
3 Month : 6.25%
6 Month : 6.35%
1 Year : 6.50%
07th Sep 20 Overnight : 6.20%
1 Month : 6.35%
3 Month : 6.30%
6 Month : 6.40%
1 Year : 6.55%
07th Aug 20 Overnight : 6.25%
1 Month : 6.30%
3 Month : 6.30%
6 Month : 6.45%
1 Year : 6.50%
  • Effective 1st April 2016, Citibank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. Citibank MCLR rates for different tenors range from 5.65% to 6.15%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, Citibank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, Citibank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, Citibank may decide to cut its MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of Citibank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from Citibank.
  • MCLR rate can be revised by Citibank every month. However, 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 keeping them unchanged.
  • As per the latest regulations given by RBI, with effect from April 1, 2019, all floating interest rates on retail loans are to be linked to external benchmark lending rates. These could be the RBI's repo rate, three-month treasury bill yield, six-month treasury bill yield or other benchmark rate published by the Financial Benchmarks India Pvt Ltd.This was done in view to promote the easier transmission of reduced interest rates to customers, which was not well done when rates were linked to MCLR.

Citibank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by Citibank is benchmarked to its MCLR Rate for a particular tenure, say 1 month or 3 month or 6 months.
  • Shorter duration loans such as cash credit, OD facility, personal loans are linked to short tenure 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.

Compare Citibank MCLR Rates with Other Banks

About Citibank

  • 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. .
  • Citibank's management is led by its CEO Mr. Ashu Khullar.
  • Its current Base Rate is 5.50%, which was last revised on 07th Jun 21.

FAQs

What is the MCLR of Citibank?

Citibank MCLR ranges between 5.65% to 6.15% for a tenure ranging between 1 month to 5 years.

What is the current Citibank MCLR rate?

Current Citibank, overnight tenure is 5.65%, 1 month mclr is 5.65% , three month mclr is 5.80%, six month mclr is 5.95%, one year tenure is 6.15% and two year tenure is 0.00%.

What is Citibank base rate?

Currently, Citibank offers loans at a base rate of 5.50%.


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Citibank News - Jul 2021
  • 2021-05-13 : CitiBank revised its Marginal cost of lending rates
    With effect from 10 March 2021, CitiBank revised its MCLR rates. The MCLR for an overnight period is 5.65%, the MCLR for one and three months is 5.65% and 5.80%, respectively. Further, the revised MCLR for six and twelve months is 5.95% and 6.20%, respectively.
  • 2021-02-10 : CitiBank revised its MCLR
    CitiBank revised its MCLR rates. The MCLR for an overnight period is 5.95% , the MCLR for one and three months is 5.95% and 6%, respectively. Further, revised MCLR for six and twelve months is 6.25% and 6.35%, respectively. The revised rates are in effect from 7 February 2021.
  • 2020-09-17 : CitiBank changed its Marginal cost of lending rates
    CitiBank changed its MCLR rates for September. The revised MCLR for an overnight period is 6.20%, the MCLR for one and three months is 6.35% and 6.30, respectively. Further, revised MCLR for six and twelve months is 6.40% and 6.55%, respectively. The revised rates are in effect from 7 September 2020.
  • 2020-05-08 : CitiBank revised MCLR for May
    CitiBank revised its MCLR rates for May. The revised MCLR for an overnight period is 5.55%, the MCLR for one and three months is 7.15%. Further, revised MCLR for six and twelve months is 7.25% and 7.20%, respectively. The revised rates are in effect from 7 May 2020.
  • 2020-01-09 : Citi Bank cuts MCLR by 25 bps
    Citi Bank revised its MCLR. The overnight MCLR is 7.50%, one-month MCLR is 7.60%, and three months MCLR is 7.65%. MCLR for 6 months and one year both stand at 7.75%. The revised rates are in effect from 8 January 2020 and will help home loan and loan against property buyers.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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