Kolkata: HDFC Bank lowered its marginal cost of funds based lending rate (MCLR) by 5 basis points across maturities, while Bank of Baroda announced a 10 basis point rise in three-month MCLR.HDFC's new rates came into effect from August 7, according to the bank's website. BoB will raise the rate from August 12, it said in a stock exchange filing Monday.The revised rates for HDFC's overnight, one-month, three-month, six-month, one year and three year MCLR stood at 8%, 8%, 8.15%, 8.30%, 8.40% and 8.65% respectively. It kept the two-year MCLR unchanged at 8.55%.BoB said it will raise the three-month MCLT to 8.30% while its overnight, one month, six month and one year MCLR rates will remain at 7.85%, 7.95%, 8.50% and 8.75% respectively.
HDFC Bank cuts MCLR by 5 bps, Bank of Baroda raises 3-month rate by 10 bps
HDFC Bank reduced its lending rates by five basis points across maturities. Bank of Baroda will increase its three-month lending rate by ten basis points. HDFC's new rates became effective from August seventh for various tenors. Bank of Baroda's revised rate will take effect from August twelfth. The banks are adjusting their marginal cost of funds based lending rates.
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