Mumbai, March 29, 2020 : Bank of India has reduced its Benchmark Marginal Cost of Funds Lending Rate (MCLR) by 25 bps across tenors from one year to one month and by 15 bps for overnight tenor. The one year MCLR is now 7.95% p.a.
The new rates are as under:
% p.a.
| Tenor | Existing MCLR | Revised MCLR |
| One year | 8.20 | 7.95 |
| 6 months | 8.10 | 7.85 |
| 3 months | 8.05 | 7.80 |
| 1 month | 8.00 | 7.75 |
| Overnight | 7.40 | 7.25 |
The External Benchmark Lending Rate which is linked to RBI’s Repo rate has been reduced by 75 bps to 7.25% p.a. With this, the Bank has passed on the benefit of rate cut announced by RBI on 27th March, 2020 to its Home, Vehicle and MSME customers.
The reduction in interest rates will be effective from 1st April, 2020.
