BOB lowers MCLR lending rates by 20 bps

Bank of Baroda lowers MCLR lending rates

  • The rate reduction comes even as the RBI in a surprise move had left the key policy rates unchanged at the last meeting
  • With this, BoB’s overnight and one-month rates are down 20 bps to 7.65% now

Bank of Baroda, the country’s second largest public sector bank, has reduced its benchmark lending rates, or the marginal cost of funds-based lending rates (MCLR) across various tenures.

Its one-year will be 8.25 per cent, 5 bps below the existing level. The latest interest rate cut will be effective December 12.

On Monday, while SBI cut its one-year MCLR by 10 bps to 7.90 percent, HDFC Bank did a 15 bps cut to 8.15 percent, and Bank of India reduced the same by 20 bps to 8.20 percent.

There is a 20 bps reduction in overnight and one-month from 7.85 per cent to 7.65 per cent and a 10 bps reduction in three-month and six-month MCLR, from 7.9 per cent to 7.8 per cent, and from 8.2 per cent to 8.1 per cent, respectively.

With this, BoB’s overnight and one-month rates are down 20 bps to 7.65 percent now.

It has also reduced by 10 bps in three-months and six months MCLR to 7.80 percent and 8.10 percent, respectively