Citibank MCLR Rates, Citibank Base Rate – Mar 2017

Citibank MCLR Rate – Current Rate, Past Trend

Last Updated 28th Mar 2017
Citibank MCLR, Base Rate Tenure
7.85% Overnight
8.00% 1 Month
8.05% 3 Month
8.00% 6 Month
7.95% 1 Year
Base rate - 9.10% Past Trend
Current MCLR of Citibank ranges from 7.85% to 8.05% 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 9.50% * Floating Detail
Personal Loan Interest Rates 11.49% * Detail
Fixed Deposit Interest Rates 3.00% to 5.75% * Detail

Past Trend MCLR Rate of Citibank

Citibank MCLR 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 Mar 17
7.85%
8.00%
8.05%
8.00%
7.95%
-
-
-
07th Feb 17
7.95%
8.05%
8.05%
8.05%
7.95%
-
-
-
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 MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, Citibank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR 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 7.85% to 8.05% for different tenures

Changes in MCLR 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 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
08th Feb 17: 0% repo none by RBI
07th Dec 16: 0% repo none by RBI
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 - Mar 2017
18th Mar 17 Card business of Citibank India grows on continuous technological innovations
Citibank India has been able to build a successful card business with its strong focus on continuous technological innovations. The bank has launched Pay in Points feature which enables customers to make payment via reward points and NoRedirect initiative that helps customers to directly make a payment at merchant’s website via OTP.
18th Mar 17 Citibank India cuts processing fees to zero
Citibank India decision to introduce zero processing fees has brought in good news for borrowers. The bank has revised its loan processing fees to nil from 0.50 percent earlier for its home loan and loan against property borrowers. Loan segments including home loan and loan against property.
17th Feb 17 Citibank India launches instant chat service for its users
Citibank India has launched an instant chat service for its customers using net banking. The chat platform will enable its users to connect with bank executives through internet to resolve their queries related to cards, domestic and non domestic accounts, loans etc.
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.
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