Indian Bank cuts benchmark lending rate linked to repo by 75 bps

The bank also reduced the Term Deposit rates by 30 to 55 bps across tenors.

Mar 31, 2020 09:03 IST India Infoline News Service

Indian Bank
Indian Bank on Tuesday has slashed its Benchmark Lending Rate linked to Repo by 75 bps. These rates are applicable to all Retail and MSME loans.

The bank reduced its MCLR up to 15 bps across tenors. These rates come into effect from April 01, 2020. The bank also reduced the Term Deposit rates by 30 to 55 bps across tenors.

The bank reduced the Savings Bank rates by 50 bps to 3% and waived the minimum balance charges.

The stock is currently trading at Rs42.85, up by Rs0.25 or 0.59% from its previous closing of Rs42.60 on the BSE. The scrip opened at Rs43.55 and has touched a high and low of Rs43.60 and Rs42.05 respectively.

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