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.