Indian Overseas Bank has reduced its MCLR (marginal cost of fund-based lending rate) by 85 basis points over the October 2016 levels across all the tenors.
The new MCLR will be 8.65 per cent for one year. For the overnight tenor, the MCLR will be 8.45 per cent. One-month tenor will attract 8.50 per cent while those for three and six months will be 8.55 and 8.60 per cent, respectively.
The bank will levy 8.75 per cent and 8.85 per cent for two-year and three-year tenors respectively. The revised rates are with effect from January 7.
Syndicate Bank has also announced a reduction in its MCLR) by 70-100 basis points across various tenors. The changes come into effect from January 10.
The revised MCLRs are: overnight 8.30 per cent (existing 9.30 per cent); one-month 8.35 per cent (9.35 per cent); three-month 8.40 per cent (9.35 per cent); six-month 8.60 per cent (9.40 per cent); and one-year 8.75 per cent (9.45
On Thursday, Chennai-headquartered Indian Bank reduced its MCLR by 75 bps to 8.60 per cent for one year. This will also be effective from January 7.