South Indian Bank MCLR Rates, South Indian Bank Base Rate – Jun 2018

South Indian Bank MCLR Rate

Current MCLR rate of South Indian Bank ranges from 8.20% to 9.20% varying by reset frequency of the loan. South Indian Bank revises MCLR rates on a monthly basis and benchmark its interest rates for home loan and other loans to MCLR rates of different tenor.

Tenure wise MCLR South Indian Bank Rate Today
Overnight 8.20%
1 Month 8.30%
3 Month 8.45%
6 Month 8.70%
1 Year 9.20%
South Indian Bank Base Rate 9.90%

Base rate to be aligned to MCLR from 1st April 2018 - RBI in its monetary policy on 7th Feb 2018 has mandated that banks’ base rates be linked to MCLR rates. This will benefit South Indian Bank home loan and loan against property borrowers whose loans are linked to base rate. Any increase or decrease in South Indian Bank MCLR rates will now automatically be applicable to pre 2016 loans that are benchmarked to base rate. In its new monetary policy on 5th April 2018, RBI has kept repo rate unchanged at 6%.

South Indian Bank Interest Rates

South Indian Bank Interest Rates
Home Loan Interest Rates 9.20% * Floating Detail
Loan Against Property Rates 10.45% * Floating Detail
Fixed Deposit Interest Rates 4.00% to 7.40% Detail
Saving Account Interest Rates 4.00% to 4.00% Detail
RD Interest Rates 6.50% to 7.40% Detail

MCLR of South Indian Bank

South Indian Bank revises its MCLR rate on a monthly basis. Latest MCLR rates of South Indian Bank as announced on 20 Jun 2018 are:

  • Overnight MCLR Rate is 8.20%. The rate was last revised on 20 Jun 2018 to 8.20% from 8.00%
  • 1 Month MCLR Rate is 8.30%. The rate was last revised on 20 Jun 2018 to 8.30% from 8.10%
  • 3 Month MCLR Rate is 8.45%. The rate was last revised on 20 Jun 2018 to 8.45% from 8.25%
  • 6 Month MCLR Rate is 8.70%. The rate was last revised on 20 Jun 2018 to 8.70% from 8.50%
  • 1 Year MCLR Rate is 9.20%. The rate was last revised on 20 Jun 2018 to 9.20% from 9.00%

South Indian Bank MCLR Rate Trend

Date South Indian Bank MCLR
20th Jun 18
Overnight : 8.20%
1 Month : 8.30%
3 Month : 8.45%
6 Month : 8.70%
1 Year : 9.20%
20th May 18
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 9.00%
20th Apr 18
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 9.00%
20th Mar 18
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 9.00%
20th Feb 18
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 9.00%
20th Jan 18
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.40%
1 Year : 8.90%
20th Dec 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.40%
1 Year : 8.90%
20th Nov 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.45%
1 Year : 9.00%
20th Oct 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.45%
1 Year : 9.00%
20th Sep 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.45%
1 Year : 9.00%
20th Aug 17
Overnight : 7.90%
1 Month : 8.00%
3 Month : 8.15%
6 Month : 8.45%
1 Year : 9.00%
20th Jul 17
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.55%
1 Year : 9.10%
20th Jun 17
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.55%
1 Year : 9.10%
20th May 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.50%
6 Month : 8.65%
1 Year : 9.10%
20th Apr 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.50%
6 Month : 8.65%
1 Year : 9.10%
20th Mar 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.50%
6 Month : 8.65%
1 Year : 9.10%
20th Feb 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.50%
6 Month : 8.65%
1 Year : 9.10%
20th Jan 17
Overnight : 8.35%
1 Month : 8.40%
3 Month : 8.50%
6 Month : 8.65%
1 Year : 9.10%
01st Jan 17
Overnight : 9.00%
1 Month : 9.05%
3 Month : 9.15%
6 Month : 9.45%
1 Year : 9.80%
01st Dec 16
Overnight : 9.00%
1 Month : 9.05%
3 Month : 9.15%
6 Month : 9.45%
1 Year : 9.80%
01st Nov 16
Overnight : 9.30%
1 Month : 9.35%
3 Month : 9.40%
6 Month : 9.50%
1 Year : 9.80%
01st Oct 16
Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.55%
1 Year : 9.85%
01st Sep 16
Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.55%
1 Year : 9.85%
01st Aug 16
Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.55%
1 Year : 9.85%
01st Jul 16
Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.55%
1 Year : 9.85%
01st Jun 16
Overnight : 9.35%
1 Month : 9.40%
3 Month : 9.45%
6 Month : 9.55%
1 Year : 9.85%
01st Apr 16
Overnight : 9.50%
1 Month : 9.55%
3 Month : 9.60%
6 Month : 9.75%
1 Year : 10.00%
30th Nov -1
Overnight : 8.00%
1 Month : 8.10%
3 Month : 8.25%
6 Month : 8.50%
1 Year : 9.00%
  • Effective 1st April 2016, South Indian Bank has been directed by RBI to fix its loan interest rates benchmarked to MCLR rate which is based on its marginal cost of funds. Earlier, the bank fixed its loan interest rates to Base Rate, which was based on total cost of funds of the bank. South Indian Bank MCLR rates for different tenors range from 8.20% to 9.20%.
  • RBI allows banks to set their own MCLR Rate based on their marginal cost of funds which means the cost of raising new funds for the bank. So, South Indian Bank decides and announces its MCLR rate regularly based on prescribed formula and policy rate changes by RBI in its monetary policy.
  • Note that the RBI does not decide the MCLR Rate of any bank. RBI only announces the repo rate, which influences the cost of raising new funds for the bank. Banks may or may not decide to change their MCLR rate in response to changes in the repo rate. For instance, South Indian Bank may decide to bring a lower cut in their MCLR rate compared to a Repo Rate cut. If RBI cuts the repo rate by 50 basis points or 0.5%, South Indian Bank may decide to cut its 1 Year MCLR rate only by 0.25% based on its internal funding and liquidity position. Hence, it is important to compare the MCLR rate change of South Indian Bank with that of RBI Repo Rate and MCLR Rate changes of other banks before taking a decision to take a loan from South Indian Bank.
  • MCLR rate can be revised by South Indian Bank every month. However, it is not mandatory for South Indian Bank to revise its rate every month and it may choose to retain the same rate for a longer period keeping them unchanged.

South Indian Bank Home Loan Interest Rate and MCLR

  • Every floating rate loan sanctioned by South Indian 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, personal loans are linked to short tenure 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 South Indian Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. South Indian Bank home loan rate is benchmarked to 1 Year MCLR Base Rate which will be repriced after 1 Year. Say, you take a loan from South Indian Bank at current 1 Year MCLR rate of 9.20% plus spread of 20 bps. So, the loan will initially be priced at 9.4%. Its next re-pricing will be done after 1 Year from now. If the 3 Month MCLR rate after 1 Year increases by 10 bps, the loan will be priced at 9.5% for the next period.

Compare MCLR Rate Movement



    Compare South Indian Bank MLCR Rates with Other Banks

    About South Indian Bank

    • South Indian Bank's registered office is located at The South Indian Bank Ltd., SIB House, T.B. Road Mission Quarters, Thrissur Kerala-680001 India.
    • South Indian Bank's management is led by its CEO Mr. V.G. Mathew.
    • Its current Base Rate is 10.25%, which was last revised on 05th Oct 15.
    South Indian Bank News - Jun 2018
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