Bank of Baroda and HDFC Bank cut MCLR by 5 bps and 15 bps respectively

HDFC Bank had also cut its MCLR by 10 bps across tenures last month

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

There is a 20 bps reduction in overnight and one-month MCLR 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.

HDFC