In the dynamic landscape of banking, February 2024 has seen several significant shifts in lending rates across various prominent banks. Here’s a rundown of the latest updates:
Canara Bank Raises MCLR
Canara Bank, in a move reflective of market trends, has increased its Marginal Cost of Lending Rate (MCLR) by 5 basis points, effective from February 12, 2024. The adjustments span across various tenures:
- Overnight Rate is now 8.10% from 8.05%
- One-month rate stands at 8.20% from 8.15%
- Three-month rate is adjusted to 8.30% from 8.25%
- Six-Month Rate increased to 8.65% from 8.60%
- One-year rate is now 8.85% instead of 8.80%
- Two-year rate has been raised to 9.15%
- Three-year rate stands at 9.25%
- Additionally, effective from February 12, Canara Bank’s Repo Linked Lending Rate (RLLR) now stands at 9.25%.
Bank of Baroda Maintains Rates
Bank of Baroda, however, has maintained its lending rates with no alterations reported in February 2024:
- Overnight MCLR: 8.05%
- One-Month MCLR: 8.3%
- Three-Month MCLR: 8.4%
- Six-Month MCLR: 8.6%
- One-Year MCLR: 8.8%
ICICI Bank Adjusts MCLR
ICICI Bank has made adjustments to its MCLR rates:
- Overnight and One-Month MCLR: 8.40%
- Three-Month MCLR: 8.45%
- Six-Month MCLR: 8.60%
- One-Year MCLR has been revised to 8.65%
Punjab National Bank (PNB) has also revised its lending rates:
- Overnight Rate: 7.90%
- One-Month MCLR has increased to 8% from 7.90%
- Three-Month MCLR: 8.10%
- Six-Month MCLR: 8.30%
- One-Year MCLR has been hiked to 8.40%
- Three-Year MCLR: 8.70%
Yes Bank, maintaining its stance from January 2024, holds the following rates:
- Overnight Rate: 9.2%
- One-Month Rate: 9.45%
- Three-Month Rate: 10%
- Six-Month Rate: 10.25%
- One-Year Rate: 10.50%
Bank of India has implemented a 10 basis points (bps) increase in rates for overnight and one-month tenures, effective from February 1, 2024:
- Overnight Rate: Yet to be specified
- One-Month Rate: Yet to be specified
- Three-Month Rate: 8.40%
- Six-Month Rate: 8.60%
- One-Year Rate: 8.80%
These adjustments reflect the ever-evolving financial landscape, influenced by market dynamics and regulatory changes. Customers are advised to stay informed of these fluctuations to make informed decisions.
