IOB revises MCLR upwards 

HYDERABAD

Indian Overseas Bank (IOB) will raise its marginal cost of funds based lending rate (MCLR) by 5 bps for three tenors and 10 bps for one tenor effective January 15.

The rate will be raised by 5 bps for three month tenor to 8.65%; six month to 8.90%; and one year 9.10%. For the two year tenor, the MCLR is being increased by 10 bps to 9.10%, the State-owned lender announced after its Assets and Liabilities Management Committee meeting on Friday. (One basis point equals 0.01%).