Indian Overseas Bank cuts overnight MCLR rate by 5 bps, effective Thursday
This story was originally published at 16:58 IST on 13 January 2026
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--Indian Overseas Bank to cut overnight MCLR by 5 bps from Thu
NEW DELHI – Indian Overseas Bank has reduced the marginal cost of funds-based lending rate for overnight tenure by 5 basis points effective Thursday, the state-owned bank informed exchanges Tuesday. The bank kept the MCLR for all other tenures unchanged.
The revised MCLR for the bank now ranges from 7.95-8.85%. The Reserve Bank of India's norms require banks to review their MCLR every month.
Indian Overseas Bank's net profit surged 58% on year to INR 12.26 billion for the September quarter. On Tuesday, shares of the bank closed at INR 35.37 on the National Stock Exchange, almost flat from the previous close.
| Tenure | Revised rate (%) | Previous rate (%) |
| Overnight | 7.95 | 8.00 |
| One month | 8.30 | 8.30 |
| Three months | 8.40 | 8.40 |
| Six months | 8.65 | 8.65 |
| One year | 8.80 | 8.80 |
| Two year | 8.80 | 8.80 |
| Three year | 8.85 | 8.85 |
End
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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