ICICI Bank, Bank of India slash MCLR by 5 bps across tenors

ICICI Bank, the country’s second-largest private lender, and Bank of India have cut the marginal cost of funds-based lending rate (MCLR) by five basis points across tenors.

Bank of India has reduced rates for an overnight tenor to 6.70 percent and a one-month tenor to 7.20 percent.

The three-month tenor has been trimmed to 7.25 percent, while the six-month tenor is cut to 7.30 percent.

Further, rates for one-year tenor and three-year tenor have been reduced to 7.35 and 7.80 percent, respectively, according to the lender’s website. Bank of India has last slashed MCLR rates by up to 5 bps on September 1, 2020.

ICICI Bank has also cut lending rates by 5 basis points across tenors, as per CNBC TV18. The private lender has last reduced its MCLR by 5 basis points (bps) across tenors in September.