Bank of Baroda cuts MCLR across all tenors effective 12 November1 min read . Updated: 11 Nov 2020, 12:55 PM IST
- After the latest revision, Bank of Baroda's one-year tenor has been reduced to 7.45%
- The public sector lender posted a net profit of ₹1,679 crore for the quarter ended on 30 September
Bank of Baroda (BoB) today announced reduction in the marginal cost of funds based lending rate (MCLR) across all tenors. BoB has slashed its MCLR by 5 basis points (bps) across all tenors effective 12 July.
"The bank has revised marginal cost of funds based lending rate (MCLR) with effect from November 12, 2020," Bank of Baroda said in a regulatory filing.
The one-year tenor -- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 7.45% from 7.5%.
Among others, from overnight to six-month tenor loans, the MCLR has been cut to 6.60-7.30 per cent, the bank said.
The public sector lender posted a net profit of ₹1,679 crore for the quarter ended on 30 September. Net interest income (NII) during the quarter grew by 6.8% to ₹7,508 crore. The consolidated net profit stood at ₹1,771 crore in the September quarter.
Bank of Baroda offers 2.9% to 5.3% on fixed deposits maturing in 7 days to 10 years. These rates are with effect from 3 October.