South Indian Bank MCLR Rates, South Indian Bank Base Rate – Feb 2017

South Indian Bank MCLR Rate – Current Rate, Past Trend

Last Updated 24th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
South Indian Bank MCLR, Base Rate Tenure
8.35% Overnight
8.40% 1 Month
8.50% 3 Month
8.65% 6 Month
9.10% 1 Year
Base rate - 10.00% Past Trend
Current MCLR of South Indian Bank ranges from 8.35% to 9.10% depending on the reset frequency of the loan. Rates are revised every month.
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South Indian Bank Interest Rates
Home Loan Interest Rates 9.80% * Floating Detail
Loan Against Property Rates 13.60% * Floating Detail
Fixed Deposit Interest Rates 4.00% to 6.75% * Detail

Past Trend MCLR Rate of South Indian Bank

South Indian 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
20th Feb 17
8.35%
8.40%
8.50%
8.65%
9.10%
-
-
-
20th Jan 17
8.35%
8.40%
8.50%
8.65%
9.10%
-
-
-
01st Jan 17
9.00%
9.05%
9.15%
9.45%
9.80%
-
-
-
01st Dec 16
9.00%
9.05%
9.15%
9.45%
9.80%
-
-
-
01st Nov 16
9.30%
9.35%
9.40%
9.50%
9.80%
-
-
-
01st Oct 16
9.35%
9.40%
9.45%
9.55%
9.85%
-
-
-
01st Sep 16
9.35%
9.40%
9.45%
9.55%
9.85%
-
-
-
01st Aug 16
9.35%
9.40%
9.45%
9.55%
9.85%
-
-
-
01st Jul 16
9.35%
9.40%
9.45%
9.55%
9.85%
-
-
-
01st Jun 16
9.35%
9.40%
9.45%
9.55%
9.85%
-
-
-
01st Apr 16
9.50%
9.55%
9.60%
9.75%
10.00%
-
-
-

South Indian Bank MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, South Indian 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. South Indian Bank has different MCLR base rates ranging from 8.35% to 9.10% for different tenures

Changes in MCLR of South Indian Bank

  • MCLR rate can be revised by South Indian Bank every month
  • Note that 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

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, 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 South Indian 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 South Indian 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 10.00%. This loan will initially be priced at 10.5%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.75%, the loan will be priced at 10.25% for the next year

Past trend of South Indian 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
11th Nov 15 10.00% decreased by 0.2%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
01st May 15 10.20% decreased by 0.3%
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
29th Jan 13: 0.25% repo cut by RBI
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 10.50% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
04th Jul 11 10.00% increased by 0.4%
16th Jun 11: 0.25% repo hike by RBI
07th May 11 9.60% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
05th Mar 11 9.10% increased by 0.3%
25th Jan 11: 0.25% repo hike by RBI
24th Jan 11 8.80% increased by 0.3%
20th Dec 10 8.50% increased by 0.2%
02nd Nov 10: 0.25% repo hike by RBI
27th Oct 10 8.30% increased by 0.2%
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 8.10%

South Indian Bank Base Rate Vs. RBI Repo Rate Trend

About South Indian Bank

  • South Indian Bank is a Private Bank in India with 822 branches, 1,200 ATM's and 7,137 employees across the country.
  • 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.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 1,366 crs. and Standalone net profit of Rs. 307 crs. South Indian Bank reported total deposits of Rs. 51,912 crs and total advances of Rs. 37,392 crs.
  • South Indian Bank's management is led by its CEO Mr. V.G. Mathew.
  • Its current Base Rate is 10.00%, which was last revised on 11th Nov 15.
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News - Feb 2017
25th Jan 17 Kotak Mahindra sells its 2.1 percent stake in South Indian Bank to Lavender Investments
Kotak Mahindra International offloaded its 2.1 percent stake in South Indian Bank to Lavender Investments in an open market transaction. The shares were purchased by Lavender Investment Limited for Rs. 60 crore.
20th Jan 17 South Indian Bank to focus on growth in its retail and MSME business
South Indian Bank in its investor presentation has stated that the bank will work for enhancement of its retail and MSME business through its centralised marketing and processing centres. The bank intends to increase the volume of fresh loan disbursements across various loan types such as business loan, home loan and personal loan.
12th Jan 17 South Indian bank registers a 9.5 percent growth in its net profit in third quarter of FY 17
South Indian Bank has reported an increase in its net profit by 9.5 percent to Rs. 111 crore for October to December quarter as compared to Rs. 101 crore in the corresponding period a year ago. The increase in profitability has been contributed by growth in various loan segments including business loan, loan against property, agriculture loan as well as growth in current and saving accounts.
01st Dec 16 South Indian Bank reduces its MCLR up to 30 basis points
South Indian Bank has reduced its overnight and one month marginal cost of lending rate by 30 basis points to 9 percent and 9.05 percent respectively. The bank has reduced its six month lending rate by 5 basis points to 9.45 percent from 9.50 percent earlier. Revised rates are effective from 1st December, 2016.
12th Jul 16 South Indian Bank reports 46% rise in Q1 net profit
South Indian Bank has reported 46 per cent rise in its net profit at Rs 95.06 crore for first quarter ended June 30, 2016. Total income of the bank has increased by 9.47% at Rs 1620.67 crore. Growth was driven by increased lending to the agriculture, small and medium enterprise (SME), housing and auto sectors, which registered substantial growth year on year. Agriculture and SME advances rose 22 per cent, while home and auto loan portfolios increased by 19 per cent and 28 per cent, respectively.
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