ICICI Bank Base Rate, ICICI Bank MCLR Base Rate Past Trend

Current ICICI Bank MCLR Base Rate

Last Updated 02nd Jan 2017
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Tenure MCLR, Base Rate
Overnight 8.00%
1 Month 8.00%
3 Month 8.10%
6 Month 8.15%
1 Year 8.20%
Current MCLR base rate of ICICI Bank ranges from 8.00% 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 Base Rate of ICICI Bank

ICICI 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
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 base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, ICICI 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. ICICI Bank has different MCLR base rates ranging from 8.00% to 8.20% for different tenures

Changes in MCLR Base rate 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 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 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
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 - Jan 2017
13th Jan 17 ICICI Bank cuts base rate by 0.5 percent
ICICI Bank has reduced its base rate by 5 basis points to 9.25 percent as compared to 9.30 percent earlier. The rate is effective from 3rd January, 2017.
12th Jan 17 ICICI Bank successfully executes digitized invoice discounting transaction to offer low cost working capital loans to MSMEs
ICICI Bank has announced a successful execution of digitized invoice discounting transaction on Receivables Exchange of India (a TReDS exchange). The bank will operate as a financier in RXIL and offer low cost working capital loans to SMEs through invoice discounting. The initiative is expected to improve access to low cost financing for MSMEs.
03rd Jan 17 ICICI cuts MCLR by 70 basis points
ICICI Bank has reduced its overnight and three months marginal cost of lending rates to 8 and 8.10 percent respectively. The revised MCLR for six months now stands at 8.15 percent as compared to 8.85 percent earlier. Similarly, the bank has reduced its one year MCLR to 8.20 percent as compared to 8.90 percent earlier. The new rates are effective from 3rd January, 2017.
03rd Jan 17 ICICI Bank reduces home loan rates by 45 basis points
ICICI Bank of India has reduced its home loan interest rates by 45 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakh now stands at 8.65 percent as compared to 9.10 percent earlier. Similarly, home loan rates for other borrowers up to loan amount Rs. 75 lakhs are reduced to 8.70 percent. The rates are effective from 3rd January, 2017.
29th Dec 16 ICICI Bank cuts fixed deposit rates by 10 basis points
ICICI Bank has reduced its fixed deposit rates for deposits with tenure up to ten years by 10 to 25 basis points. The deposit rates for one year and two year fixed deposits are reduced to 6.9 and 7 percent respectively. Similarly, rate for three year fixed deposit is now 6.75 percent. New rates are effective from 28th December, 2016.
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