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

ICICI Bank MCLR Rate – Current Rate, Past Trend

Last Updated 15th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
ICICI Bank MCLR, Base Rate Tenure
8.00% Overnight
8.00% 1 Month
8.10% 3 Month
8.15% 6 Month
8.20% 1 Year
Base rate - 9.35% Past Trend
Current MCLR 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 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 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 8.00% 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
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 - Feb 2017
10th Feb 17 Retail loan and consumer loan portfolio of banks and NBFCs surges during November and December, 2016
A report by Economic Times highlighted the positive impact of demonetisation on the retail loan and consumer loan portfolios of the banks and NBFCs during the month of November and December, 2016. As per the report, several banks and NBFCs including ICICI Bank, Central Bank, Bajaj Finance and Capital First have reported fairly strong growth in their consumer durable and personal loan portfolio during the months on November and December.
01st Feb 17 ICICI Bank registers a decline in its net profit during third quarter of FY17
ICICI Bank has registered a decline of 19 percent in its net profit at Rs. 2,441 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. Non-interest income of the bank also declined and reached at Rs. 3,939 crore during the quarter as compared to Rs. 4,217 crore a year ago. However, the bank has registered a decent growth of 18 percent in its retail loan business during Q3 of FY17.
31st Jan 17 ICICI Bank is likely to register a decline in its net profit during third quarter of FY17
Analysts at Economic Times have forecasted a decline in net profit of the largest private sector bank, ICICI Bank in third quarter of FY17. As per the polls, the bank is expected to see a decline of 28 percent in its net profit to Rs. 2,165 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. The bank is expected to see a moderate growth of 6 percent in its loan disbursements on an year on year basis. ICICI Bank is scheduled to announce its Q3 results on 31st January, 2017.
20th Jan 17 NPCI notifies ICICI Bank to allow UPI payments on PhonePe with immediate effect
National Payments Corporation of India in its verdict has notified ICICI Bank to allow UPI payments through digital wallet application named PhonePe with immediate effect. The bank blocked the UPI payments for customers on Flipkart wallet PhonePe citing security concerns over customer data on 13th January, 2017.
19th Jan 17 ICICI Bank targets to increase number of merchants on its electronic payment platform
ICICI Bank is trying to increase the number of merchants on its electronic payment platforms through its Point of Sale terminals and Easypay mobile application. The bank expects to increase the merchants using its electronic payment platform to 5 lakh. ICICI Bank has so far deployed 2.4 lakh Point of Sale terminals.
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