Indian Overseas Bank has cut its marginal cost of fund-based lending rate (MCLR) by 35 bps effective January 1 across all tenors. The new MCLR will be 9.15 per cent for one year.
For overnight tenor, the new rate will be 8.95 per cent. One-month tenor will be 9 per cent, while those for three and six months will be 9.05 and 9.10 per cent, respectively. The bank will levy interest of 9.25 per cent and 9.35 per cent for tenors of two years and three years, respectively.