Bank Update: Government-owned bank, UCO Bank, has delivered a significant blow to its customers by hiking its Marginal Cost of Funds Based Lending Rate (MCLR) from June 10. The bank has increased its MCLR by 5 basis points, which translates to a 0.05% increment.
This hike applies to both the three-month and one-year tenures. Consequently, the maximum lending rate offered by the bank has surged to 8.90%.
How much has the interest rate increased?
The bank has maintained stability in its overnight and one-month lending rates, keeping them unchanged at 8.10% and 8.30%, respectively. However, there has been an increase of 5 basis points in the three-month MCLR, now standing at 8.50%.
The six-month MCLR remains unchanged at 8.70%. On the other hand, the lending rate for a one-year tenure has been raised from 8.85% to 8.90%.
