The Reserve Bank of India (RBI) on October 31, 2024, issued the Lending and Deposit Rates of Scheduled Commercial Banks for October 2024.
The following are the highlights:
Lending Rates:
• The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.37 per cent in September 2024 (9.41 per cent in August 2024).
• The WALR on outstanding rupee loans of SCBs was placed at 9.90 per cent in September 2024 (9.91 per cent in August 2024).1
• 1-Year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs remained unchanged at 8.95 per cent in October 2024 from September 2024.
Deposit Rates:
• The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs stood at 6.54 per cent in September 2024 as compared to 6.46 per cent in August 2024.
• The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was placed at 6.95 per cent in September 2024 (6.93 per cent in August 2024).
[Press Release: 2024-2025/1411]
