Indian Overseas Bank has cut its marginal cost of fund-based lending rate (MCLR) by 10 basis points from May 10 across all tenors. The new MCLR will be 8.55 per cent for one year.
For overnight tenor, the MCLR will be 8.35 per cent. One-month tenor will attract 8.40 per cent while those for three and six months will be 8.45 per cent and 8.50 per cent, respectively, according to a statement.