Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

Indian Overseas Bank to revise marginal cost of funds based lending rates

For one year tenure, the rate of interest has been fixed at 8.15 percent as against 8.25 percent and 8.20 percent for two years from the existing 8.30 percent.

May 06, 2020 / 05:24 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Public sector Indian Overseas Bank would revise its marginal cost of funds based lending rate (MCLR), the bank said here on Wednesday.

The rate of interest would be revised to 8.05 percent from the existing 8.10 percent for tenure of three months and 8. 10 percent for six months from 8.15 percent, IOB said in a BSE filing.

For one year tenure, the rate of interest has been fixed at 8.15 percent as against 8.25 percent and 8.20 percent for two years from the existing 8.30 percent.

For tenures of three years, the rate of interest has been revised to 8.25 percent from current 8.35 percent.

However, the bank said the rate of interest remains unchanged at 7.80 percent for overnight and one month tenures. The revised rate of interest would come into effect from May 10, it said.

PTI
first published: May 6, 2020 05:15 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347