Bank of Baroda hikes MCLR across tenors. Details here

State-owned Bank of Baroda (BoB) today said it has raised the marginal cost of funds based lending rates by 0.05 per cent across tenors. This is with effect from April 12, 2022.

The benchmark one-year tenor MLCR will rise to 7.35 per cent.

The bank has approved the review of the marginal cost of funds based lending rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.

The overnight, one-month, three-month and six-month MCLRs have been hiked by 0.05 per cent each to 6.50 per cent, 6.95 per cent, 7.10 per cent and 7.20 per cent respectively.

The benchmark one-year tenor MCLR will make consumer loans such as personal, auto and home loans pricey among others.

Bank of Baroda (BoB) has raised interest rates on fixed deposits (FDs) with effect from March 22 for deposits of less than ₹2 crore. After this revision, the Bank of Baroda's latest FD interest rates ranges from 2.80 per cent to 5.55 per cent for maturities between 7 days and 10 years.

Notably, the Reserve Bank of India (RBI) in its monetary policy last week kept the repo rate unchanged at 4 per cent.