State-owned Allahabad Bank has cut MCLR rates for various tenors in the range of 0.10-0.15 per cent with effect from today.
"The bank has reduced its marginal cost of funds based lending rates (MCLR) of various tenors with effect from June 12, 2017," the bank said in a regulatory filing.
One year lending rate will attract an MCLR of 8.50 per cent, down 0.10 per cent. While, for overnight, one, three and six months of tenors, MCLR is cut by 0.15 per cent each to 8 per cent, 8.10 per cent, 8.30 per cent and 8.40 per cent, respectively.
Banks revise MCLR every month since April 2016.
Allahabad Bank stock closed 3.22 per cent down at Rs 67.70 on BSE today.
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