3 Indian banks make it to top 50 by assets in Asia-Pacific region in 2023
In the list, State Bank of India is at the 20th position, HDFC Bank at 33 and ICICI Bank at 48th spot.
India’s second largest private lender ICICI Bank on Monday has cut its marginal cost of funds-based lending rates (MCLR) by 10 basis points across tenors with effect from August 1.
Post the latest cut, EMIs on the home and other loans linked to MCLR will come down giving relief to the borrowers.
With the reduction in rates, ICICI Bank’s one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent. The MCLR for overnight and one month tenure is 7.20 per cent and that for three month is 7.25 per cent.
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Banks generally review MCLR every month.
Earlier, the lender also revised interest rates on fixed deposits below Rs 2 crore. It came into effect from July 14. Bank’s FD deposits between 7 days-14 days interest rate are 2.75 per cent, and 1 year to 389 days FD interest rate 5.15 per cent. Rate of interest on FDs with maturity between 18 months days and 2 years is 5.35 per cent. FDs due for 3 years to 10 years have an interest rate of 5.50 per cent.
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