With the Reserve Bank of India reducing the repo rate to 6.25% in February 2019, ICICI Bank has now reduced the MCLR (marginal cost of funds-based lending rate) by 5 bps (basis points) for the one-year, six months, three months, one-month and overnight loan tenures.
For the overnight and one-month loan tenures, the lending rates have been reduced to 8.50%, while the 3-month tenure lending rate has been reduced to 8.55%. For the six months and one-year tenures, the lending rates have been reduced to 8.70% and 8.75% respectively.
However, as per data released by the Reserve Bank of India, ICICI Bank deposit growth reduced to 9.8% as of 1 March 2019, as compared to 10.2% on 1 March 2018. In December 2018, ICICI Bank reduced the MCLR for its one-month, three-month and six-month tenure by 10 bps.
Source: Business Standard