Indian Bank on April 1 hiked the marginal cost of funds based lending rate (MCLR) by 5 basis points for 1-year tenor, raising it from 8.55 percent to 8.6 percent.
While the MCLR was increased for 1-year tenor, it was left unchanged for other tenors - 8 percent for overnight, 8.1 percent for one month, 8.2 percent for three months and 8.45 percent for six months, as per a regulatory filing made by the public sector lender.
Indian Bank also hiked the treasury bills linked lending rates (TBLR), raising it from 6.65 to 6.85 percent on tenor of more than three months, from 7 to 7.25 percent on tenor of more than three months and less than six months, and from 7.05 to 7.3 percent on tenor of more than six months and less than a year.
The revised MCLR and TBLR will come into effect from April 3.
The announcement came nearly a month after Indian Bank raised the interest rate on fixed deposits with a tenor of two years but less than three years, by 20 basis points to 6.7 percent from 6.5 percent.
The shares of Indian Bank, in the last trading session of the financial year 2022-23, settled at Rs 288.10 on the BSE, 0.89 percent lower than its previous close.
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