ICICI Bank Hikes Lending Rates By 20 Basis Points Across Tenures

ICICI Bank has hiked its marginal cost of lending rate (MCLR) by 20 basis points (bps) across all tenures. Previously, the private lender had raised the MCLR rate by 30 bps on June 1, 2022.

Overnight and one-month MCLR has been increased to 7.50 per cent effective July 1, 2022, interest rates updated on the bank's website showed.

The 20 bps basis point hike implies that the three-month MCLR is now 7.55 per cent, six-month at 7.70 per cent and one-year MCLR at 7.75 per cent.

One basis point is 0.01 percentage point.