September 25, 2022
Bank Alert News: The customers of this bank got a big shock, do you have an account here too?

Bank Alert News: Once again, two big public sector banks of the country have given a big blow to the bank customers. Yes, if you are a customer of Bank of Baroda (BOI) and Indian Overseas Bank, then this news is very important for you. In fact, both these banks have increased their marginal cost of funds based lending rate (MCLR). Both these banks have increased their MCLR rates by up to 0.10 percent.

The increase in the rates of Bank of Baroda and Indian Overseas Bank will have a direct impact on the customers. Because with the increase of these rates, the loans of the customers will become expensive. That is because the increase in MCLR rate will have a direct impact on car, personal and home loans. At the same time, the Reserve Bank of India (RBI) is continuously increasing the repo rate.

New rates will be applicable from this day

Talking about Indian Overseas Bank, these new interest rates have come into effect from September 10. In such a situation, according to the website of Indian Overseas Bank, the MCLR for overnight will be 7.05 percent. The MCLR for one month has been kept at 7.15 per cent. The MCLR for three and six months has been kept at 7.70 percent. At the same time, the MCLR on 12-month loan has been increased from 7.65 percent to 7.75 percent by the bank.

Bank of Baroda increased this much

On the other hand, talking about Bank of Baroda, this bank has increased the one-year MCLR rate from 7.70 percent to 7.80 percent. This bank has given this information during regulatory filing. The bank has already increased the MCLR for six months loan to 7.65 percent. While it has been reduced to 7.50 percent for three months. Giving information on behalf of Bank of Baroda said that the new rates will be applicable from 12 September 2022.

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