Andhra Bank reduces lending rate by 80 basis points

The changed rates will be applicable across all tenures from Tuesday onwards

Andhra Bank on Monday announced 80 basis point cut in its marginal cost of funds based lending rate (MCLR) to 8.65 per cent across all tenures effective from Tuesday.

The move comes a day after the State Bank of India (SBI) announced a steep rate cut of 90 basis points on Sunday, while a couple of other public sector banks followed suit by reducing their rates by 65 to 90 basis points.

According to a company statement, the new rate is applicable to overnight, one month, three months, six months and one-year tenures. The existing rate was 9.45 per cent.