State-run Bank of India on Monday revised its one-year marginal cost-based lending rates by up to 20 basis points across various tenors, effective Tuesday.
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The move comes hours after the larger peer State Bank of India announced 10 basis point reduction to 9.90 percent in its one-year MCLR pricing.
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This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.
The city-based lender has reduced its MCLR for overnight rates by 20 basis points while for other tenors the cut is 10 basis points, a bank statement said, adding the overnight rates will stand at 7.75 percent.
The new one-year MCLR is fixed at 8.20 percent as against 8.30 percent.