Fresh rupee deposit rates experience a notable drop this July
Fresh rupee term deposit rates saw a slight decrease in July. Outstanding rupee deposit rates, however, remained stable during the same period. Lending rates on outstanding rupee loans also showed little change in July. The one-year average margin...
By ET Bureau | Updated:
ANI
Mumbai: The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of scheduled commercial banks declined to 5.90% in July from 5.99% in June, Reserve Bank of India (RBI) data showed. However, the WADTDR on outstanding rupee deposits remained unchanged at 6.58%.
The weighted average lending rate (WALR) on outstanding rupee loans of scheduled commercial banks stood at 8.97% in July, little changed from 8.96% in June. The data is reported every month. The WALR on fresh rupee loans declined marginally to 8.52% in July from 8.53% in June.
Read more: Pace of gold loan expansion slows as banks adjust to new regulations
The one-year average marginal cost of funds-based lending rate (MCLR) of scheduled commercial banks stood at 8.70% in August, up from 8.60% in July, RBI data showed. The increase was mainly due to a rise in the average MCLR for foreign banks to 7.33% in August from 7.20% in July.
The average one-year MCLR for public sector and private sector banks remained unchanged at 8.80% and 9.35%, respectively.
The weighted average lending rate (WALR) on outstanding rupee loans of scheduled commercial banks stood at 8.97% in July, little changed from 8.96% in June. The data is reported every month. The WALR on fresh rupee loans declined marginally to 8.52% in July from 8.53% in June.
Read more: Pace of gold loan expansion slows as banks adjust to new regulations
The one-year average marginal cost of funds-based lending rate (MCLR) of scheduled commercial banks stood at 8.70% in August, up from 8.60% in July, RBI data showed. The increase was mainly due to a rise in the average MCLR for foreign banks to 7.33% in August from 7.20% in July.
The average one-year MCLR for public sector and private sector banks remained unchanged at 8.80% and 9.35%, respectively.
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