Indian Bank trims MCLR by 5bps on various tenors; stock sees volatility

Now, the bank has levied 7.35% MCLR on 1-year tenor compared to previous 7.40%.

Aug 03, 2020 01:08 IST India Infoline News Service

The state-owned Indian Bank has trimmed down its Marginal Cost of Funds Based Lending Rates (MCLRs) by 5 basis points each on various tenor. The new interest rates have come into effect from Monday onward.

Now, the bank has levied 7.35% MCLR on 1-year tenor compared to previous 7.40%, while a 7.30% rate was applicable on 6-months tenor against previous 7.35%.

For three-months tenor, the bank is offering a 7.25% rate as against a 7.15% rate earlier.

As for tenors like overnight and one-month, the bank gives 7.05% and 7.10% compared to previous 7.10% and 7.15% respectively.

At around 1.52 pm, the Indian Bank stock was trading flat at Rs58.30 per piece.

The stock which opened at Rs58.60 per piece has clocked an intraday high and low of Rs58.85 per piece and Rs57.90 per piece, respectively so far in the trading session on Sensex. 

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