Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) received during the month of February 2024 are set out in Tables 1 to 7.

Highlights:

Lending Rates:

• The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.45 per cent in January 2024 (9.32 per cent in December 2023).

• The WALR on outstanding rupee loans of SCBs was at 9.85 per cent in January 2024 (9.83 per cent in December 2023).¹

• 1-Year median Marginal Cost of Fund based Lending Rate (MCLR) of SCBs remained unchanged at 8.80 per cent in February 2024.

Deposit Rates:

• The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs moved to 6.43 per cent in January 2024 from 6.49 per cent in December 2023.

• The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was at 6.84 per cent in January 2024 (6.83 per cent in December 2023).¹

Ajit Prasad            
Director (Communications)

Press Release: 2023-2024/1973

¹ Data exclude the impact of the merger of a non-bank with a bank.