Bank Of Baroda Cuts MCLR, Int On Term Deposits

New Delhi: Bank of Baroda slashed marginal cost of funds based lending rate (MCLR) by 15 basis points for all tenors. It also cut term deposit rates for certain maturities.

The one year MCLR has been slashed to 8 percent from 8.15 percent earlier. , the bank said in a statement.

For overnight, three months and six month tenors, the rate has been slashed by 15 basis points in the range of 7.40-7.85 percent, the bank said in a statement.

These new rates will, be effective 12 April. The reduction in MCLR will have the effect of bringing down interest rate on consumer loans like home loan, personal and auto loan. 

Bank of Baroda cut the interest rates for term deposits, including NRO, NRE and Non-Callable. This woult be applicable for deposits below Rs 2 crore. It would come into effect from 9 April. 

"The overall interest has reduced from 5.90 percent to 5.70 percent for 5 to 10 years and from 4.25 percent to 3.50 percent for deposits of 7-14 days,"  the bank said. 

The bank will continue for now to pay an additional interest of 0.50 percent on term deposits of less than Rs 2 crore for senior citizens. This would be for all tenures in terms of extant guidelines.