CSB Bank trims MCLR by 30-40 basis points; No change in 1-year tenor

For 1-year tenor, the lender kept MCLR rate unchanged at 9.50%.

Jul 31, 2020 01:07 IST India Infoline News Service

The Kerala-based CSB Bank has reduced its Marginal Cost of Funds Based Lending Rates (MCLR) on various tenor with effect from August 01, 2020. The private lender trimmed down the benchmark lending rate by 30-40 basis points.

For tenors like overnight and one-month, MCLR will be 7.80% and 7.90% compared to existing 8.20% and 8.30% respectively. A 40 basis points cut each was applied on these tenors.

Further, MCLR would stand at 8.20% and 8.60% on three-month and six-month tenor as against 8.50% and 8.90% respectively. Here, MCLR was brought down by 30 basis points each.

However, for 1-year tenor, the lender kept MCLR rate unchanged at 9.50%.

At around 1.55 pm, the CSB Bank stock was trading at Rs190.50 per piece down by 0.69% on Sensex. The stock has touched an intraday high and low of Rs190.90 per piece and Rs185.55 per piece respectively. 

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