Public-sector bank Bank of Baroda recently hiked the Marginal Cost of Funds-based Lending Rates(MCLR) in different tenures. Now, two other banks Canara Bank and Bank of Baroda have followed in the footsteps of UCO Bank and hiked the MCLR rates, making the consumer loans costlier. According to the banks, the revise rates will come into effect from tomorrow that is August 12. Meanwhile, UCO Bank has imposed the new revised rates earlier from August 10.
The increase in interest rate were announced after the Reserve Bank of India’s (RBI) decided to keep the benchmark interest rate at 6.50%. On August 8, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Thursday decided to keep the policy rates unchanged at 6.5 per cent.
What is MCLR?
MCLR stands for Marginal Cost of Funds based Lending Rate. It is the minimum lending rate under which a bank is not allowed to give loans to its customers.
The revised rates for Bank of Baroda and Canara Bank will take effect from August 12. UCO Bank has increased the lending rate for specific tenures, effective August 10, 2024.
Canara Bank revised rates from August, 12
Overnight: 8.25
1 month: 8.35
3 months: 8.80
6 months: 8.80
1 year: 9.00
2 years: 9.30
3 years: 9.40
Canara Bank revised rates from August, 12
Overnight: 8.25
1 month: 8.35
3 months: 8.80
6 months: 8.80
1 year: 9.00
2 years: 9.30
3 years: 9.40
Bank of Baroda revised rates from August 12
3 months: 8.50
6 months: 8.75
1 year: 8.95
UCO Bank revised rates from August 10
Overnight: 8.20
1 month: 8.35
3 months: 8.50
6 months: 8.80
1 year: 8.95
Meanwhile, the standing deposit facility (SDF) rate remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate will be at 6.75 per cent.