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South Indian Bank cuts MCLR rate by 0.05%

South Indian Bank,  Financial Results

Mumbai: South Indian Bank has cut its marginal cost of funds based lending rates by 0.05 percentage point across tenors with effect from today.

"The Marginal Cost of Funds based Lending Rates (MCLR) applicable for multiple tenors have been revised with effect from November 1, 2016," the bank said in a BSE filing.

The one-year MCLR will stand at 9.80 percent (from 9.85 percent in October), six-month at 9.50 percent, three-month at 9.40 percent.

While lending rates for one-month and an overnight period would stand at 9.35 percent and 9.30 percent, respectively, from tomorrow.

RBI introduced new marginal cost of funds based lending rate from April this year.

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