Last Updated: January 13, 2023, 12:34 PM IST
Marginal Cost of Fund-based Lending Rate (MCLR) of IDBI Bank as of January 1, 2023.
Overnight MCLR rate has been increased to 7.65%, while the rates for loans with terms of one month to six months have both increased.
Across all loan tenures, IDBI Bank has increased lending rates by 20 basis points (bps). The revised prices are in effect as of today, January 12, 2023, according to IDBI Bank’s website. The one-year MCLR rate has been increased to 8.40% following the most recent hike. The majority of consumer loans, including auto, personal, and house loans, are fixed at the one-year rate.
According to the bank, the overnight MCLR rate has been increased to 7.65%, while the rates for loans with terms of one month to six months have both increased by 20 basis points to 7.8% and 8.3%, respectively.
Marginal Cost of Fund-based Lending Rate (MCLR) of IDBI Bank as of January 1, 2023
MCLR overnight 7.65%
Monthly MCLR (1M) 7.80%
MCLR for three months (Q) 8.10%
6-Month MCLR (HY) 8.30%
Yearly MCLR (Y) 8.40%
MCLR Two Year (2Y) 9.00%
MCLR for three years (3Y) 9.40%
Before this, the bank increased the interest rate on retail term deposits of under 2 crore with effect from December 19. The bank now offers interest rates on deposits maturing in 7 days to 10 years that vary from 3.00% to 6.25% for the general public and 3.50% to 7.00% for senior citizens as a result of the modification.
The rate of interest on deposits has increased at IDBI Bank, and it now gives income on deposits with a 700-day term. In a news release, the bank stated that it gives 7.60% interest on retail Amrit Mahotsav deposits. With effect from December 26, 2022, IDBI Bank has increased the rate of interest on deposits and is currently offering interest up to 7.60% for only 700 days.
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