Bank MCLR Rates 2023: ICICI Bank and Punjab National Bank (PNB) have increased their MCLR rates, which is bad news for crores of customers who have accounts with these banks. This means that customers will now have to spend more money if they have accounts in these banks. While ICICI Bank has reduced interest rates for some tenures, PNB has increased interest rates for all tenures.
ICICI Bank has reduced its overnight interest rate from 8.5% to 8.35% and has also cut its 3-month rates by 15 basis points to 8.40%. However, the bank has increased its interest rates for 6-month and 1-year tenures by 5 basis points to 8.85%. On the other hand, PNB has increased its MCLR rates by 10 basis points for all tenures, effective from June 1. The bank’s new interest rates now stand at 8.10%, up from 8%.
Here’s a breakdown of the new MCLR rates:
– Overnight interest rate: 8.35% (ICICI Bank)
– 1-month interest rate: 8.20% (PNB)
– 3-month interest rate: 8.30% (PNB)
– 6-month interest rate: 8.50% (PNB, ICICI Bank)
– 1-year interest rate: 8.85% (ICICI Bank)
– 3-year interest rate: 8.90% (PNB)
How will it affect EMI?
Customers with loans or credit facilities linked to the MCLR will now have to pay higher EMIs (Equated Monthly Installments). However, ICICI Bank customers may see a decrease in their EMIs as the bank has reduced its interest rates for some tenures.
In summary, ICICI Bank has reduced its interest rates for some tenures while PNB has increased interest rates for all tenures. Customers with accounts in these banks will now have to spend more money. The new MCLR rates will affect EMIs, with customers likely to pay more.
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