Bank of Baroda hikes funds based lending rate by 0.05 pct to 8.30 pct

State-owned Bank of Baroda (BoB) Saturday said it has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent with effect from May 7. BoB has hiked the lending rates for an overnight tenor to 8.30 per cent from the previous 8.25 per cent.

Similarly, for one-month and three-month tenors, the interest rates have been increased to 8.35 per cent and 8.45 per cent, respectively. The rate for six-month tenor has been hiked to 8.65 per cent and one-year tenor to 8.70 per cent with effect from May 7, BoB said in a BSE filing.