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Hot Pursuit News

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(17 Feb 2024, 15:30)

South Indian Bank hikes MCLR rates by 10-15 bps

The private lender increased marginal cost of funds based lending rate (MCLR) with effect from 20 February 2024.

The overnight MCLR increased by 10 basis points from 9.60% to 9.70%. MCLR for one month also rose by 15 basis points from 9.60% to 9.75%. The interest rates on the three month MCLR was raised from 9.65% to 9.80% and the six month MCLR rate increased from 9.70% to 9.85%, a 15 basis point hike.

The one year MCLR rate rose by 10 basis points from 9.85% to 9.95%. The revised rates will be effective from 20 February 2024.

South Indian Bank provides retail and corporate banking, Para banking activities such as debit card, third party product distribution, in addition to treasury and foreign exchange business. As on 31 December 2020, the bank had a network of 948 Branches and 1182 ATMs across the country.

The bank’s standalone net profit stood at Rs 305.36 crore in Q3 FY24, steeply hi...

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