Indian Overseas Bank skyrockets 9% on trimming MCLR by 10 bps on various tenor

The new MCLR rates will be in effect from September 10, 2020.

Sep 08, 2020 02:09 IST India Infoline News Service

Indian Overseas Bank
State-owned Indian Overseas Bank (IOB) has surged by over 9% on Tuesday's trading session. The bank's stock has gained to an intraday high of Rs11.01 per piece on Sensex during the second half trading session. The performance comes after when the lender trimmed down the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points on various tenor.

For 1-year tenor, the MCLR would be 7.55% from the current 7.65%. The similar rate will be applicable for tenors like 2 years and 3 years.

Going forward, MCLR would be 7.45% each on three-month and six-month tenor compared to existing 7.55%.

MCLR of 7.40% is set for one-month tenor compared to existing 7.50%. As for overnight, the MCLR would be at 7.10% against current 7.20%.

The new MCLR rates will be in effect from September 10, 2020.

At around 2.40 pm, IOB stock was trading at Rs10.34 per piece up 2.38% on Sensex. 

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