Indian Overseas Bank (IOB) has decided to reduce overnight marginal cost of fund based lending rate (MCLR) by 5 bps effective January 15.
Consequently, the overnight MCLR will be 7.95%, effective Thursday, as against the existing 8%. The decision follows a review of the MCLR workings, as on January 10, at the Asset Liability Committee (ALCO) meeting on Tuesday, IOB said in a filing.
There is, however, no change in other MCLR tenors. One basis point is equal to 0.01%. IOB had last revised the MCLR on December
Published – January 13, 2026 10:14 pm IST
