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INTEREST RATE FRAMEWORK

MARGINAL COST OF FUNDS BASED LENDING RATE (MCLR) WITH EFFECT FROM 1st February, 2024.

Tenor – wise MCLR effective from 1st February 2024 is as under

Tenor MCLR (%) February'24
Overnight MCLR 12.95%
1 Month MCLR 13.35%
3 Month MCLR 13.50%
6 Month MCLR 13.75%
1 Year MCLR 13.90%

External benchmark Rates effective from 1st February 2024 are as under -

Bench Mark February'24
External Benchmark Rate - 1* 7.16%
External Benchmark Rate - 2 # 7.24%
Repo Rate 6.50%


* Arrived based on 3 months’ average yield of 3 –year Government of India Bond

# Arrived based on 3 months’ average yield of 10 – year Government of India Bond.