Government-owned Bank of Baroda and Bank of India have reduced their benchmark lending rates across various tenors.
Bank of Baroda reduced the one-year marginal cost of funds based lending rates (MCLR) by 5 basis points to 8.25 per cent while overnight and one-month MCLR were reduced by 20 basis points to 7.65 per cent.
There is a 10 basis points reduction in three months and six months MCLR to 7.8 per cent and 8.1 per cent respectively. The new rate will be effective from December 12, the bank said in a statement on Tuesday.
Bank of India also reduced its overnight MCLR by 20 basis points. For other tenors, the cut is 10 basis points, the bank adding that overnight rates will stand at 7.75 per cent.
The new one-year MCLR is fixed at 8.2 per cent as against 8.3 per cent earlier. The revised MCLRs will be applicable to customers with immediate effect.
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