Allahabad Bank has reduced its marginal cost of funds-based lending rate (MCLR) by five basis points across all tenors effective December 1.
The MCLR for one-year tenor will now be 8.25 per cent (8.30 per cent earlier), and the overnight rate, 7.75 per cent (7.8 per cent).
The one-, three- and six-month MCLRs stand at 7.9 per cent, 8.1 per cent and 8.2 per cent, respectively, said a press statement issued by the bank.