Bank of India — Important, 30-12-2024: Updates

The Marginal Cost of Fund based Lending Rate (MCLR) has been revised effective January 1, 2025. The updated rates are: Overnight MCLR at 8.25%, 1 Month MCLR at 8.45%, 3 Month MCLR at 8.60%, 6 Month MCLR at 8.85%, 1 Year MCLR at 9.05%, and 3 Year MCLR at 9.20%. No changes were made to the Repo Based Lending Rate (RBLR) or the Fixed Rate Spread (FRS). This adjustment could influence borrowing costs for customers, potentially impacting overall loan demand and the bank's net interest margins moving forward. Keep an eye on further updates as market conditions evolve.