State-run Syndicate Bank Wednesday increased its marginal cost of funds based lending rate (MCLR) by 10 basis points or 0.1 per cent for loan tenure of 3 months.
Interest rates for loan tenure of three months has been hiked to 8.50 per cent from 8.40 per cent earlier.
The bank has reviewed MCLR and the new rate would be effective October 10, Syndicate Bank said in a filing to stock exchanges.
Interest rates for loan tenors of overnight, one month, six months and one year remain unchanged to 8.30 per cent, 8.35 per cent, 8.60 per cent, and 8.80 per cent, respectively.
Lenders review the MCLRs every month.
Shares of Syndicate bank were trading 2.18 per cent higher at Rs 30.40 apiece on BSE.
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