ICICI Bank have increased their marginal cost based lending rate (MCLR) up to 20 basis points across all tenures. (0.01 percent equals one basis point.) Higher interest rates are effective from July 1, 2022.

According to the ICICI Bank website, the overnight MCLR rate has been increased from 7.30 percent to 7.50 percent. The one-month and three-month MCLR in ICICI Bank has been increased to 7.50 per cent and 7.55 per cent respectively.

ICICI Bank MCLR

Last month, ICICI Bank had increased the MCLR by 30 bps with effect from June 1, 2022.

other banks

In the last two months, many banks have started increasing interest rates on loans. This is in response to a 90 bps hike in key rates by RBI from May 2022.