ICICI Bank have increased their marginal cost based lending rate ,MCLR) by 15 basis points across all tenures. One basis point is equal to 0.01 percent. The higher interest rates will be effective from August 1, 2022.

According to the ICICI Bank website, the overnight one-month MCLR rate has been increased from 7.50 percent to 7.65 percent. The three-month, six-month MCLR in ICICI Bank has been increased to 7.70 per cent and 7.85 per cent respectively. The one-year MCLR has been increased from 7.75 per cent to 7.90 per cent.

Last month, ICICI Bank had increased the MCLR by 20 bps with effect from July 1, 2022.

other banks

Many banks have started raising interest rates on loans in the last few months. With ICICI Bank,

Has also revised its MCLR with effect from August 1, 2022.

The Reserve Bank of India has scheduled its monetary policy meeting for August 3-5, 2022.