The UCO Bank has reduced its Marginal Cost of Funds Based Lending Rates (MCLR) by 25 basis points across various tenors, with effect from April 10, 2020.
Now the revised 1- year MCLR stands at 7.95%, reduced from 8.20%. The revised overnight, one-month, three-months and six months tenor MCLR now stands at 7.35%, 7.50%, 7.60% and 7.85% respectively i.e. 25 basis points lower than their existing levels. As a result, all MCLR linked loans will become cheaper now.
The bank has also reduced the fixed deposit rates across all the tenors between 0.25% to 0.50%.