Bank of Baroda hikes MCLR by 5 basis points
Bank of Baroda has hiked the lending rates for overnight tenor to 8.30% from the previous 8.25%Rate for six-month tenor has been hiked to 8.65% and one-year tenor to 8.70% with effect from May 7
State-run Bank of Baroda (BoB) has increased its marginal cost of funds based lending rate (MCLR) by 5 basis points for tenor upto 1 year with effect from tomorrow.
Bank of Baroda, which had recently amalgamated with Dena Bank and Vijaya Bank, has hiked the lending rates for overnight tenor to 8.30% from the previous 8.25%, the PSU bank said in a BSE filing.
Similarly, for one-month and three-month tenors the interest rates have been increased to 8.35% and 8.45%, respectively.
Rate for six-month tenor has been hiked to 8.65% and one-year tenor to 8.70%.
Last month, State Bank of India (SBI) had reduced its MCLR rate by 5 basis points, HDFC Bank by 5-10 bps.
The Reserve Bank of India (RBI) has reduced its key policy rate by 50bps over two consecutive rate cuts since February.
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