Bank Of Baroda Accountholders Alert: Lending Rates Hiked On Select Tenures; Check Complete Details Here

The benchmark lending rates at the State-owned Bank of Baroda (BoB) were increased across select tenures by 5 basis points (bps). The new rates are effective from January 12, 2024. In the latest update, the lender has revised its marginal cost of lending rates (MCLR) by 5 bps for overnight, six-month, and one-year tenures.

In an exchange filing on Wednesday, the bank said, "We advise that the Bank has revised Marginal Cost of Funds Based Lending Rate (MCLR) w.e.f. 12th January 2024."

Following the revision, the bank's overnight MCLR rate jumped to 8.05% from 8.00%. The bank raised the six-month MCLR rate to 8.60% from 8.55%. The one-year MCLR rate rose from 8.75% to 8.80%.

The MCLR rate for one-month and three-month tenure is unchanged at 8.30% and 8.40% respectively.

MCLR Tenors	MCLR w.e.f. 12th January 2024 (in %)
Overnight	8.05
One Month	8.30
Three Month	8.40
Six Month	8.60
One Year	8.80

On January 5, 2024, the bank informed that as of 31st December 2023, its global business grew by 10.68% YoY to Rs 22.95 trillion, global advances of the bank grew by 13.59% YoY to Rs 10.49 trillion, and Global Deposits of the bank grew by 8.34% YoY to Rs 12.45 trillion during this period.

The Bank shed Bulk Deposits (including CD) of Rs 14,285 Crores during the Quarter from a cost optimization perspective, but for which, the Bank's Deposit and Total Business growth would have been higher.

Today, shares of Bank of Baroda Ltd traded 1.32% higher at Rs 226.75 per share at 12:56 pm IST.