Mumbai : Public sector Indian Bank has revised its Marginal Cost based Lending Rates (MCLR) with effect from 3rd July 2019. The overnight MCLR has been increased by 10 basis points (bps) to 8.20% from the existing 8.10%. While, one month MCLR has also been revised to 8.30% from 8.25% earlier, 3 month MCLR has been kept unchanged at 8.45%.
On the other hand, 6 month and 1 year MCLRs have been reduced by 5 bps to 8.50% and 8.60% respectively. Marginal Cost of Funds based Lending Rate (MCLR) is the minimum interest rate, below which a bank is not permitted to lend.