HDFC Bank, Bank of India cut MCLR rates by up to 15 bps

HDFC Bank cut its marginal cost of funds-based lending rates by 15 basis points across tenures, the bank said on its website. While Bank of India cut its MCLR rates for certain loan tenures by 10 bps, it said in a notification to the BSE.

The revised rates are in the range of 8.70-9.05% for HDFC Bank, and have been made effective today. For the overnight tenor, HDFC Bank has cut the lending rate to 8.70%, for one month (8,75%) and three months (8,80%). For the six-month tenor, the bank has set the rate at 8,85%. For the one-year tenor, the lending rate has been cut to 8,90%, the two-year tenor is at 9.0%, and three-year tenor is at 9.05%.

However, for Bank of India, the MCLR rates have been revised for overnight MCLR (9.0%), one-month MCLR (9.10%), three-month MCLR (9.10%), six-month MCLR (9.20%), and one-year MCLR (9,30%) tenor. The new rates will be effective from today.

The Reserve Bank of India has instructed banks to revise their MCLR rates every month on the basis of the key repo rates and other costs.

At 1321 hours, the shares of HDFC Bank were trading at Rs 1,242.60 apiece, down Rs 1.10 or 0.09% from previous day's close. The shares of Bank of India were trading at Rs 108.95, up Rs 2.50 or 2.35% from previous day's close.

HDFC Bank