South Indian Bank cuts MCLR rate by 0.05 pc

South Indian Bank has cut its marginal cost of funds based lending rates by 0.05 percentage point across tenors with effect from tomorrow.

"The Marginal Cost of Funds based Lending Rates (MCLR) applicable for multiple tenors have been revised with effect from November 1, 2016," the bank said in a BSE filing.

The one-year MCLR will stand at 9.80 per cent (from 9.85 per cent in October), six-month at 9.50 per cent, three-month at 9.40 per cent.

While lending rates for one-month and an overnight period would stand at 9.35 per cent and 9.30 per cent, respectively, from tomorrow.

RBI introduced new marginal cost of funds based lending rate from April this year.

Source: Business Standard