Indian Bank will raise its marginal cost of funds-based lending rate (MCLR) by 5 basis points across all tenures, effective Tuesday, December 3.
Following the hike, the MCLR will range from 8.30% to 9.05%, the bank informed stock exchanges on Friday.
In line with RBI regulations, banks review their MCLR monthly.
The bank will also increase its treasury bill benchmark-linked lending rates by 5 bps for loans with tenures over three months and up to three years, bringing these rates to between 6.45% and 6.60%.
On Friday, Indian Bank’s shares closed 0.2% higher at ₹574.30 on the NSE.
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