Dena Bank cuts MCLR rates by 0.05% for select tenors

State-owned Dena Bank has cut marginal cost based lending rates (MCLR) by 0.05 per cent for select maturity periods with effect from tomorrow.

For 3-months, 6-months and one year tenors, the new MCLR rates will be 8.35 per cent, 8.45 per cent and 8.55 per cent.

As per the structure of MCLR, the bank fixed the rate for overnight period at 8.20 per cent, and for one month period at 8.30 per cent.

The revised MCRL comes to effect from tomorrow, Dena Bank said in a statement.

Banks review their MCLR rates on a monthly basis.

Stock of Dena Bank today closed 0.45 per cent up at Rs 33.45 on BSE.