Corporation Bank Base Rate, Corporation Bank MCLR Base Rate Past Trend

Current Corporation Bank MCLR Base Rate

Last Updated 29th Nov 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Tenure MCLR, Base Rate
Overnight 9.00%
1 Month 9.15%
3 Month 9.20%
6 Month 9.35%
1 Year 9.45%
Current MCLR base rate of Corporation Bank ranges from 9.00% to 9.45% depending on the reset frequency of the loan. Rates are revised every month.
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Corporation Bank Interest Rates
Home Loan Interest Rates 9.60% * Floating Detail
Loan Against Property Rates 11.90% * Floating Detail
Personal Loan Interest Rates 13.45% * Detail
Fixed Deposit Interest Rates 5.00% to 7.10% * Detail

Past Trend Base Rate of Corporation Bank

Corporation Bank 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
01st Dec 16
9.00%
9.15%
9.20%
9.35%
9.45%
-
-
-
01st Nov 16
9.00%
9.10%
9.25%
9.35%
9.45%
-
-
-
01st Oct 16
9.05%
9.15%
9.30%
9.40%
9.50%
-
-
-
01st Sep 16
8.95%
9.10%
9.30%
9.45%
9.50%
-
-
-
01st Aug 16
8.95%
9.10%
9.35%
9.45%
9.55%
-
-
-
01st Jul 16
9.00%
9.15%
9.40%
9.50%
9.55%
-
-
-
01st Jun 16
9.00%
9.20%
9.40%
9.50%
9.55%
-
-
-
01st May 16
9.00%
9.20%
9.40%
9.50%
9.55%
-
-
-

Corporation Bank base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Corporation Bank 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. Corporation Bank has different MCLR base rates ranging from 9.00% to 9.45% for different tenures

Changes in MCLR Base rate of Corporation Bank

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

Corporation Bank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Corporation Bank 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 Corporation Bank 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 Corporation Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.55%. This loan will initially be priced at 10.05%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.3%, the loan will be priced at 9.8% for the next year

Past trend of Corporation Bank Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
08th Oct 15 9.70% decreased by 0.2%
29th Sep 15: 0.5% repo cut by RBI
24th Aug 15 9.90% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
01st Jun 15 10.00% decreased by 0.25%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
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
06th Feb 13 10.25% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% decreased by 0.15%
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
01st Aug 11 10.65% increased by 0.4%
26th Jul 11: 0.5% repo hike by RBI
01st Jul 11 10.25% increased by 0.35%
16th Jun 11: 0.25% repo hike by RBI
17th May 11 9.90% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
14th Feb 11 9.40% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
03rd Jan 11 8.90% increased by 0.65%
08th Nov 10 8.25% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
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 7.75%

Corporation Bank Base Rate Vs. RBI Repo Rate Trend

About Corporation Bank

  • Corporation Bank is a Public Sector Bank in India with 2,298 branches, 2,933 ATM's across the country.
  • Corporation Bank's registered office is located at Corporation Bank, Mangaladevi Temple Road, Pandeshwar, Mangalore-575001 .
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 4,070 crs. and Standalone net profit of Rs. 584 crs. Corporation Bank reported total deposits of Rs. 199,346 crs and total advances of Rs. 145,066 crs.
  • Corporation Bank's management is led by its CEO Mr. Sadhu Ram Bansal.
  • Highest fixed deposit interest offered by Corporation Bank is 7.10% per annum on deposits.
  • Its current Base Rate is 9.65%, which was last revised on 08th Oct 15.
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News - Dec 2016
07th Dec 16 Corporation Bank bags Best MSME Bank award
Corporation Bank has received Best MSME Bank award 2016. The award was instituted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) at SMEs Excellence Award 2016 held at New Delhi on 6th December, 2016. Banks in this category were evaluated on the basis of growth, technology, innovation, CSR activity, targets and quality in MSME sector.
10th Aug 16 Corporation Bank Q1 Net Profit down Rs. 168 cr
As per Q1 FY17 results, Corporation Bank has registered a drop of 82.41 per cent in net profit to Rs. 35.92 crore in the June quarter of FY17 from Rs. 204.26 crore in the corresponding period of previous fiscal. The gross and net NPAs as a percentage stood at 11.52 per cent and at 7.22 per cent, respectively, during the June quarter of FY17. The net interest income of Corporation Bank stood at Rs. 1031.16 crore in the June quarter of FY17 from Rs. 1080.72 crore in the same period of previous fiscal.
09th Feb 16 Corporation Bank launches two new term deposit schemes
Corporation Bank has launched two new term deposit schemes, namely super gain plus and power plus which offer higher rate of interest to depositors
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