Indian Overseas Bank announced an increase in MCLR from August 15, check details

Indian Overseas Bank has announced an increase in MCLR from August 15, 2024. Know how much MCLR has increased for which period.

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Indian Overseas Bank has given a big shock to its customers. From August 15, 2024, the bank has increased the MCLR for almost all periods. That is, loans will become expensive for the customers.

The Asset and Liability Management Committee of Indian Overseas Bank reviewed the Marginal Cost of Funds Based Lending Rate (MCLR) in its meeting held on August 14 and also increased it.

The bank has increased the MCLR from one month to two years by 5 bps. At the same time, the MCLR of three years has increased by 10 bps.

There is no change in the overnight MCLR. It is stable at 8.20 percent. 1 month MCLR has increased by 5bps to 8.45% and 3 month MCLR has increased to 8.60%.

6 month MCLR has also increased by 5bps to 8.85%, 1 year MCLR has increased to 9%, 2 year MCLR has increased to 9% and 3 year MCLR has increased by 10bps to 9.15%.

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