After SBI, UCO Bank also reduces MCLR and Fixed Deposit Rates

Kolkata,09 April(HS): Within 24 hours of India’s largest public-sector bank – State Bank of India – announced similar steps, Kolkata headquartered public sector UCO Bank here today also announced its decision to reduce its Marginal Cost of Funds Based Lending Rates (MCLR) by 25 basis points across various tenors, with effect from tomorrow (10 April).

Informing this top UCO Bank sources informed Hindusthan Samachar here this afternoon that from tomorrow the revised 1- year MCLR would stand at 7.95 per cent from the current 8.20 per cent.

Similarly, the revised overnight,one-month, three-months and six months tenor MCLR would stand at 7.35 per cent, 7.50 per cent,7.60 per cent  and 7.85 per cent respectively which were 25 basis points lower than their existing levels. As a result, all MCLR linked loans would become cheaper now, they said.

But at the same time, the Bank had also decided to reduce the Fixed Deposit  interest rates of all the tenors between 0.25 per cent and 0.50 per cent.