Bank of Baroda, Indian Overseas Bank hike loan rates, SBI hikes deposit rates
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Banks have increased the interest rate after the Reserve Bank of India (RBI) increased the policy rate repo by 0.25 percent in the monetary policy review on February 8. Bank of Baroda (BoB) has increased the MCLR for all tenors by 0.05 per cent.
Public sector Bank of Baroda and Indian Overseas Bank have increased the marginal cost based lending rate (MCLR) of the fund. State Bank of India has also increased the interest rates on deposits along with loans. Banks have increased the interest rate after the Reserve Bank of India (RBI) increased the policy rate repo by 0.25 percent in the monetary policy review on February 8. Bank of Baroda (BoB) has increased the MCLR for all tenors by 0.05 per cent.
The new rates are effective from February 12. As per the information available on the bank’s website, the one year MCLR has been increased from 8.5 per cent to 8.55 per cent. For tenors of one day, one month and three months, the MCLR will be 7.9 per cent, 8.2 per cent and 8.3 per cent respectively. At the same time, Indian Overseas Bank (IOB) has increased the MCLR by 0.15 percent for all term loans. With this increase, the MCLR has been increased from 8.30 per cent to 8.45 per cent for a period of one year.
Similarly, the MCLR for one month, three months and six months has been increased by 0.15 per cent to 7.9 per cent, 8.2 per cent and 8.35 per cent respectively. At the same time, MCLR has been increased by 0.10 percent for one day, two years and three years. Both the banks have not increased the deposit rates. Meanwhile, State Bank of India raised the interest rate for loans linked to MCLR by 0.10 per cent. Under this, MCLR based interest on loans of one day and three years will be in the range of 7.95 percent to 8.70 percent.
The new rates are effective from February 15. The country’s largest bank has also increased deposit rates by 0.05 per cent to 0.25 per cent. Under the revised rate, senior citizens will now get 8.5 per cent interest on deposits of more than five years. While others will get 0.05 percent more interest on three-year deposits. While the interest on long-term deposits will now be 0.25 per cent higher.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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