South Indian Bank Revises MCLR From August 20, 2023

Private lender South Indian Bank has revised the marginal cost of funds-based lending rate (MCLR) applicable for multiple tenors. The revised rates will be effective from 20 August 2023, according to the bank's official website.

MCLRs effective from 20th August 2023 are as follows:

Tenor	MCLR
Overnight MCLR	9.25%
One-month MCLR	9.30%
Three-month MCLR	9.35%
Six month MCLR	9.45%
One year MCLR	9.65%

The above MCLRs shall be applicable only to new loans/advances linked to MCLR sanctioned/first disbursement made on or after 20th August 2023 and those credit facilities renewed/reviewed/reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after 20th August 2023. The above MCLRs will be effective till next review.

On Friday, the shares of South Indian Bank rallied 6.45%, ended at Rs 22.44 per share on the BSE. The stock hit an intraday high of Rs 23.45 and an intraday low of Rs 22.10. The stock surged 6.50% in the last 1 week, while in 1 year, it gave 178.41% multibagger return.

South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The bank has more than 900 branches, 1170 ATMs and 126 CDMs/CRMs across India and a representative office in Dubai, UAE. The bank has a market cap of Rs 4,696.11 Crore.