ICICI Bank has increased its marginal cost based lending rate (MCLR) by 20 basis points across all tenures. (0.01 percent is equal to one basis point.) The higher interest rates are effective from July 1, 2022.
According to the ICICI Bank website, the overnight MCLR rate has been increased to 7.50 percent from 7.30 percent. The one-month, and three-month MCLRs at ICICI Bank have been increased to 7.50 percent, and 7.55 percent, respectively.
ICICI Bank MCLR
Last month ICICI Bank had hiked MCLR by 30 bps with effect from June 1, 2022.
Other banks
Over the past two months many banks have started to increase interest rates on loans. This is in response to the RBI hiking key rates by 90 bps since May 2022.
