ICICI Bank MCLR Rates, ICICI Bank Base Rate – Mar 2017

ICICI Bank MCLR Rate – Current Rate, Past Trend

Last Updated 22nd Mar 2017
ICICI Bank MCLR, Base Rate Tenure
7.85% Overnight
7.85% 1 Month
7.90% 3 Month
8.15% 6 Month
8.20% 1 Year
Base rate - 9.35% Past Trend
Current MCLR of ICICI Bank ranges from 7.85% to 8.20% depending on the reset frequency of the loan. Rates are revised every month.
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ICICI Bank Interest Rates
Home Loan Interest Rates 8.65% * Floating Detail
Loan Against Property Rates 10.25% * Floating Detail
Personal Loan Interest Rates 11.59% * Detail
Fixed Deposit Interest Rates 4.00% to 7.00% * Detail

Past Trend MCLR Rate of ICICI Bank

ICICI Bank 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
01st Mar 17
7.85%
7.85%
7.90%
8.15%
8.20%
-
-
-
01st Feb 17
8.00%
8.00%
8.10%
8.15%
8.20%
-
-
-
03rd Jan 17
8.00%
8.00%
8.10%
8.15%
8.20%
-
-
-
01st Dec 16
8.70%
8.70%
8.80%
8.85%
8.90%
-
-
-
01st Nov 16
8.75%
8.75%
8.85%
8.90%
8.95%
-
-
-
01st Oct 16
8.85%
8.85%
8.95%
9.00%
9.05%
-
-
-
01st Sep 16
8.90%
8.90%
9.00%
9.05%
9.10%
-
-
-
01st Aug 16
8.90%
8.90%
9.00%
9.05%
9.10%
-
-
-
01st Jun 16
8.95%
8.95%
9.05%
9.10%
9.15%
-
-
-

ICICI Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, ICICI Bank 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. ICICI Bank has different MCLR base rates ranging from 7.85% to 8.20% for different tenures

Changes in MCLR of ICICI Bank

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

ICICI Bank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by ICICI Bank 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 ICICI 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 ICICI 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 9.15%. This loan will initially be priced at 9.65%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 8.9%, the loan will be priced at 9.4% for the next year

Past trend of ICICI Bank 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
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.35% decreased by 0.35%
29th Sep 15: 0.5% repo cut by RBI
26th Jun 15 9.70% decreased by 0.05%
26th Jun 15 9.70%
02nd Jun 15: 0.25% repo cut by RBI
07th Apr 15 9.75% 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
23rd Aug 13 10.00% increased by 0.25%
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
23rd Apr 12 9.75% 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
13th Aug 11 10.00% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
04th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 9.25% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
24th Feb 11 8.75% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
03rd Jan 11 8.25% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
06th Oct 10 7.75% increased by 0.25%
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 7.50%

ICICI Bank Base Rate Vs. RBI Repo Rate Trend

About ICICI Bank

  • ICICI Bank is a Private Bank in India with 4,050 branches, 12,451 ATM's and 67,857 employees across the country.
  • ICICI Bank's registered office is located at ICICI Bank Limited, Landmark, Race Course Circle, Vadodara-390007.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 19,040 crs. and Standalone net profit of Rs. 11,175 crs. ICICI Bank reported total deposits of Rs. 361,563 crs and total advances of Rs. 387,522 crs.
  • ICICI Bank's management is led by its CEO Ms. Chanda Kochhar.
  • Its current Base Rate is 9.35%, which was last revised on 10th May 15.
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News - Mar 2017
20th Mar 17 ICICI Bank launches Mera iMobile app for rural customers
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
18th Mar 17 Home loan revives post demonetization
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
17th Mar 17 ICICI Bank raises Rs. 3,425 crore via Basel III compliant bonds
ICICI Bank has raised funds of Rs. 3,425 crore through Basel III compliant bonds. The bonds with no specific maturity period will carry an interest rate of 9.20 percent payable annually. Some of the leading institutional investors including mutual funds, insurers and business wealth managers have invested in the bond issuance.
16th Mar 17 ICICI Bank and other lender banks put ABG Shipyard at block
ICICI Bank and other lender banks have decided to sell their 51 percent stake in ABG Shipyard Company to recover their business loan outstanding dues of Rs. 16,400 crore. ICICI Bank along with IDBI Bank, PNB and Oriental Bank of Commerce hold 51 percent stake in the company. As per sources, ICICI Bank has the highest stake at 11 percent among all lenders holding a stake in the company.
11th Mar 17 ICICI Bank launches second season of its mobile app development challenge, ICICI Apathon
ICICI Bank has launched the second season of its mobile app development challenge named ICICI Apathon. The bank has launched this initiative to attract participation from young developers, technology startups, technology entrepreneurs and students for facilitating the creation of innovative banking application services. The leading credit card security partner of the bank, Visa has extended its support to the bank in organising Apathon.
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