ICICI Bank, PNB, Yes Bank, BOI: These banks hiked MCLR from June 1

The state-owned Punjab National Bank (PNB) increased its marginal cost of funds-based lending rate by 15 basis points. According to the PNB website, the new rates will take effect on June 1.PNB’s overnight, one-month, and three-month MCLR now stands at 6.75 percent, 6.80 percent, 6.90 percent. While the six-month MCLR stands at 7.10 percent, one-year MCLR stands at 7.40 percent, and three-year MCLR stands at 7.70 percent.

According to ICICI Bank's official website, the marginal cost of the funds-based lending rate revised with effect from June 1, 2022.The overnight, one-month, and three-month MCLRs at ICICI Bank are currently 7.30 percent, 7.30 percent, and 7.35 percent, respectively. The six-month MCLR is currently 7.50 percent, the one-year MCLR is 7.55 percent.

With effect from June 1, 2022, the Bank of India increased the marginal cost of funds-based lending rate on several tenors.Bank of India’s overnight, one-month, and three-month MCLR now stands at 6.70 percent, 7.05 percent, 7.10 percent. While the six-month MCLR stands at 7.20 percent, one-year MCLR stands at 7.35 percent, and three-year MCLR stands at 7.70 percent.

Yes Bank’s overnight, one-month, and three-month MCLR now stands at 7.10 percent, 7.55 percent, 7.70 percent. While the six-month MCLR stands at 8.50 percent, one-year MCLR stands at 7.75 percent.

The MCLR (Marginal Cost Of Funds Based Lending Rate) was created as a replacement for the base rate system, and it serves as a benchmark for banks to not lend below. The MCLR changes according to the tenor, which can last anywhere from overnight to three years.