The bank has reduced interest rate by 25 basis on overnight, one month, three month and six month. And has reduced MCLR by 15 basis points for one-year tenor with effect from February 7, 2020.
As a result of the change, the interest rates charged for overnight and one-month loans would be 7.65%. For three-month tenor loans the MCLR would be 7.95%; for six months 8.10% and one-year 8.20%.
February 08, 2020