Syndicate Bank cuts MCLR by 0.10%; interest rate for 1 month reduces to 8.30%

State-owned Syndicate Bank Friday said it has reduced its marginal cost of funds based lending rate (MCLR) by 0.10 per cent for various tenors.

"...the bank has reviewed marginal cost of fund based lending rate (MCLR) and reduced by 10 bps," the bank said in a BSE filing.

Interest rate for one-month and three-month tenors has been reduced to 8.30 per cent and 8.45 per cent, respectively.

The six-month tenor will bear an interest rate of 8.60 per cent from the current rate of 8.70 per cent.

The new rates will be effective from March 10.