Bank of Baroda surges 4%, trims MCLR by 5 basis points on various tenor

The new rates will come in effect from October 12, 2020.

Oct 09, 2020 03:10 IST India Infoline News Service

State-owned Bank of Baroda has reduced the Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points on various tenor.

At around 3.15 pm, the bank's stock was performing at Rs44.30 per piece, up 3.87% on Sensex. The stock has surged to the day's high of Rs44.40 per piece.

The new rates will come in effect from October 12, 2020.

The bank has trimmed 1-year MCLR to 7.50% from current 7.55%, while six-month MCLR will be at 7.35% from existing 7.40%.

MCLR for overnight tenor will be at 6.65% from current 6.70%.

However, MCLR remains unchanged for one month and three month tenor at 7.10% and 7.25% respectively.

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