Interest Rate Hike: Bank of Baroda (BoB) has increased the Marginal Cost Based Lending Rate (MCLR) by 0.35 percent. This will make the loan linked to the benchmark loan rate costlier.
Bank of Baroda Interest Rate: With the beginning of the new year, Bank of Baroda has given a shock to its crores of customers by increasing the interest rate. Bank of Baroda (BoB) has increased the Marginal Cost Based Lending Rate (MCLR) by 0.35 percent. This will make the loan linked to the benchmark loan rate costlier. BoB told in the information given to the stock market that the new rates will be effective from January 12.
Repo rate increased by 2.25 percent
One day MCLR (MCLR) has been increased from 7.50 to 7.85 percent. At the same time, MCLR for one month, three months, six months and one year has been increased by 0.20 percent to 8.15 percent, 8.25 percent, 8.35 percent and 8.50 percent respectively. The Reserve Bank of India (RBI) increased the key policy rate repo rate by 2.25 percent from May last year. The repo rate was last increased by 0.35 percent on December 7, 2022.
On the other hand, Indian Overseas Bank (IOB) has changed the interest rate for EFI deposits by up to 0.45 percent. This change has been implemented with immediate effect. IOB said in a statement that with this, domestic, NRO and NRE (non-resident outsiders) will now get 7.75 percent interest on deposits for 444 days. The interest on foreign currency deposits has also been increased by one per cent.
