RBI Policy Rates

Comprehensive insights into the Reserve Bank of India's monetary policy rates, historically tracked and visualized.

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Policy Repo Rate info_outline
Policy Repo Rate

The rate at which the RBI lends money to commercial banks in the event of any shortfall of funds.

Think of the RBI as the "bank for banks". When your bank needs money, it borrows from the RBI at this rate. If the Repo Rate goes up, borrowing becomes more expensive for your bank, which is why they increase the interest rates on your home or car loans.
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SDF Rate info_outline
SDF Rate

Standing Deposit Facility Rate. The rate at which the RBI absorbs liquidity from banks without offering government securities as collateral.

When banks have extra cash, they can park it with the RBI to earn this interest rate. It acts like a risk-free savings account for banks, allowing the RBI to control inflation by absorbing excess money from the economy.
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MSF Rate info_outline
MSF Rate

Marginal Standing Facility Rate. The penal rate at which banks can borrow money from the RBI when their liquidity completely dries up.

This serves as an emergency borrowing window. If a bank urgently needs money overnight and has exhausted its normal borrowing limits, it uses the MSF. Because it's an emergency, the RBI charges a higher penalty interest rate compared to the standard Repo Rate.
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Bank Rate info_outline
Bank Rate

The standard rate at which the RBI is prepared to buy or re-discount bills of exchange or other commercial paper.

While the Repo Rate is used for short-term daily needs, the Bank Rate applies when banks borrow long-term from the RBI without providing collateral. It typically aligns with the MSF rate and is used as a benchmark to calculate penalty charges for banks.
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Base Rate info_outline
Base Rate

The minimum interest rate below which banks cannot lend, except in cases permitted by the RBI.

This acts as the absolute "floor" price for loans. To ensure banks maintain financial stability and don't aggressively undercut each other, the RBI mandates that loans cannot be offered cheaper than this rate. (Note: This has been mostly replaced by the MCLR for newer loans).
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MCLR (Overnight) info_outline
MCLR

Marginal Cost of Funds based Lending Rate. The minimum lending rate below which a bank is not permitted to lend.

This is the modern benchmark replacing the Base Rate. It’s calculated based on a bank's internal cost to arrange funds. If a bank starts paying higher interest on fixed deposits, its cost of funds increases, which pushes the MCLR up and makes your floating-rate loans more expensive.
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Savings Deposit info_outline
Savings Deposit Rate

The typical interest rate range offered by major commercial banks on savings account deposits. This acts as the baseline interest you earn on idle money sitting in a standard bank savings account.
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Term Deposit > 1Y info_outline
Term Deposit Rate

The typical interest rate range offered by major commercial banks on term deposits (FDs) with a maturity of more than one year. This reflects the average returns you can expect when locking in your money for longer periods.
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account_balance Primary Policy Rates

Comparing the main Repo Rate against the historical Reverse Repo Rate

swap_vert Liquidity Adjustment Facility (LAF) Corridor

The ceiling (MSF), floor (SDF/Reverse Repo), and primary Repo Rate

domain Long-Term Bank Rate

Historical trajectory of the standard Bank Rate

pie_chart_outline Reserve Ratios (CRR & SLR)

Historical trends of Cash Reserve Ratio and Statutory Liquidity Ratio