Indian Overseas Bank (IOB) said it has reduced the marginal cost based lending rate (MCLR) across all tenors, except overnight and one month, with effect from Sunday.
The new MCLR rates come to effect from March 10, 2019, the bank said in a regulatory filing.
The one-year tenor MCLR has been brought down by 0.10 percentage point to 8.70 per cent, the bank said.
The one-year MCLR is the benchmark against which most of the consumer loans are priced by a lender.
Among others, two-year and three-year MCLRs are reduced by 0.10 percentage point each to 8.80 per cent and 8.90 per cent, respectively.
The six-month MCLR will be priced at 8.50 per cent as against 8.60 per cent earlier while for three-month tenor it has been cut to 8.45 per cent from 8.50 per cent.