Indian Overseas Bank, Bank of Maharashtra hike MCLR by up to 25 bps

One-year median MCLR of scheduled commercial banks has increased from 7.75 per cent in September

Indian Overseas Bank (IOB) and Bank of Maharashtra (BoM) have hiked the Marginal Cost of Funds Based Lending Rate (MCLR) by 5-25 basis points across tenors, reflecting the state-owned lenders' rise in cost of funds.

Chennai-based IOB, in a filing with BSE, said its revised MCLR for one-year tenor will be 8.05 per cent, up from 7.90 per cent previous rate. The new rates will be effective from November 10, 2022.

It hiked rates in six tenors starting with 15- day (fortnight) tenor (10 bps) to three years (25 Bps). It kept MCLR for three-month tenor unchanged at 7.85 per