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UCO, Allahabad Bank cut MCLR

Allahabad Bank also said it has decided to reduce the rate of interest on retail term deposits by 10 bps across all terms over one year.

PTI|
Aug 09, 2019, 10.58 PM IST
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UCO-BANK--BCCL
Allahabad Bank also said it has decided to reduce the rate of interest on retail term deposits by 10 bps across all terms over one year.
KOLKATA: Days after the 35 bps repo rate cut by the Reserve Bank of India, state-run lenders Allahabad Bank and UCO Bank on Friday slashed marginal cost of funds- based lending rate (MCLR) across all tenors.

Allahabad Bank said it has reduced its MCLR by 15 to 20 basis points (bps) for different tenors, effective from August 14 while another public sector lender UCO Bank announced that it has cut the same by 15 bps across all tenors.

"The benchmark one-year MCLR has been reduced by 15 bps to 8.5 per cent as against 8.65 per cent earlier," UCO Bank said in a statement.

The one-year MCLR is the rate based on which the retail loans such as home, car and personal advances are linked, the lender said. UCO Bank is planning to link the rate of interest with RBI repo rates, to pass on the benefit to customers.

Allahabad Bank also said it has decided to reduce the rate of interest on retail term deposits by 10 bps across all terms over one year.

Allahabad Bank's MD and CEO S.S.Mallikarjuna Rao said the bank will be exploring to develop products of both assets and liabilities linked with external benchmark to transmit the benefits of rate cut to its customers shortly.

Also Read

Bank of Maharashtra cuts MCLR by up to 45 bps

Indian Bank to revise MCLR from January 3

Allahabad Bank cuts MCLR by 5 bps

HDFC Bank cuts MCLR by up to 15 bps

SBI reduces one-year MCLR by 10 bps

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