South Indian Bank revises MCLR on various tenor; Base rate cut by 10 bps

The latest interest rates are in effect from September 20, 2020.

Sep 21, 2020 02:09 IST India Infoline News Service

The South Indian Bank
Kerala-based South Indian Bank was trading in red on Monday's session after the lender reduced its Marginal Cost of Funds Based Lending Rates (MCLR) and Base Rate on term loans.

The lender revised MCLR by 5 bps (basis points) each on respective tenors. MCLR for one-year tenor now stands at 8.20%.

While MCLR for six-month and three-month tenor stays at 8% and 7.90% respectively.

MCLR of 7.85% and 7.80% was imposed on tenor like one-month and overnight.

Meanwhile, the base rate was trimmed by 10 bps to 9.75% from previous 9.85%.

The latest interest rates are in effect from September 20, 2020.

At around 2.05 PM, the bank's stock on Sensex was trading at Rs6.86 per piece down 1.29%. The stock has touched the day's low of Rs6.85 per piece. 

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