The new rates are effective from January 7, the bank said in a statement here.
The overnight MCLR has been reduced by 70 basis points to 8.20 per cent from 8.90 per cent.
The three-month MCLR has been reduced to 8.30 per cent from 9.05 per cent.
The one-year loan will now attract an interest of 8.45 per cent against 9.15 per cent, the bank said.
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