Chennai, Mar 13: Indian Overseas Bank (IOB), a leading Public Sector Bank has announced a reduction in its Marginal Cost of Funds Based Lending Rate (MCLR), following a comprehensive review by the Bank’s Asset Liability Management Committee (ALCO) on March 12, 2026. The committee reviewed the MCLR workings as of March 10, 2026, and approved a reduction in short-term borrowing costs to better align with current market dynamics.
Specifically, the Bank has reduced its One-Month MCLR by 10 basis points (bps), lowering it to 8.20%. from the existing 8.30% This revised rate structure is scheduled to be implemented starting March 15, 2026.
The revision has been communicated in accordance with Regulation 30 of SEBI Regulations, 2015.
