By Accommodation Times Bureau
The Bank of India for various tenors it has raised the lending rated based on Marginal Cost of funds based Lending rate (MCLR) by 0.10 per cent or 10 basis points.
The bank in its statement said, “Bank of India has revised upward marginal cost-based lending rate for one-year at 8.50 per cent while overnight rate up by 10 bps at 7.90 per cent.”
From June 10 the revised rates would come into effect, it said.
The MCLR rate of one and three months has been increased to 0.10 per cent each which is 8.20 and 8.30 per cent.
For the six months, it has been increased to 0.10 per cent which means 8.45% from the present rate of 8.35%.
Recently banks have increased the MCLR rates.