12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Bank of India cuts one-year MCLR rates by up to 20 bps

This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.

PTI|
Dec 09, 2019, 09.17 PM IST
0Comments
BCCL
Bank of India
The new one-year MCLR is fixed at 8.20 percent as against 8.30 percent.
MUMBAI: State-run Bank of India on Monday revised its one-year MCLR-based lending rates by up to 20 basis points across various tenors, effective Tuesday.

The move comes hours after the larger peer State Bank of India announced 10 bps reduction to 9.90 percent in its one-year MCLR or marginal cost-based lending rates-based loan pricing.

This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.

The city-based lender has reduced its MCLR for overnight rates by 20 bps while for other tenors the cut is 10 basis points, a bank statement said, adding the overnight rates will stand at 7.75 percent.

The new one-year MCLR is fixed at 8.20 percent as against 8.30 percent.

Also Read

Bank of India cuts one-year MCLR rates by up to 20 bps

PNB cuts MCLR rates by 10 bps from March 1

PNB cuts MCLR rates by 10 bps from March 1

Bank of India raises MCLR rates by 0.05% on two tenures

Allahabad Bank cuts MCLR rates by 5 bps

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service