Bank Of Baroda Mclr Rate Hikes From 12 August 2022 Check Here Latest Rates

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Bank Of Baroda Mclr Rate Hikes From 12 August 2022 Check Here Latest Rates

Bank of Baroda: There is important news for the customers having an account in Bank of Baroda (BoB customer). If you also have an account in this government bank, then some special changes are going to happen from August 12. Let us tell you that the bank has increased the rates of MCLR based loan for various tenure loans.

New rates will be applicable from August 12
Let us tell you that the bank has increased the rates of MCLR by 20 basis points and the new rates of the bank will be applicable from August 12. The bank said in the information sent to the stock market on Wednesday that it has approved the increase in MCLR rate.

What is the rate of one year?
The one-year benchmark MCLR has been increased from 7.65 per cent to 7.70 per cent. Let us tell you that the interest rates of most consumer loans are fixed on this basis.

Check Latest Rates
The MCLR has been increased by 0.20 per cent to 7.40 per cent for loans of one month tenor. At the same time, it has been decided to increase the MCLR by 0.10 per cent to 7.45 and 7.55 per cent for loans of three months and six months, respectively.

RBI recently increased rates
The Reserve Bank of India last week increased the key policy rate repo by 0.50 percent. After this many banks have increased their interest rates.

This rule implemented from August 1
Let us tell you that the bank has also made a big change in the way of depositing checks from August 1. After the rules made by the Reserve Bank of India, now the positive pay system (BOB Positive Pay System) has been implemented for bank check payment.

what is positive pay
Let us tell you that without the Positive Pay System, now you cannot make check payments. On check payment of more than 5 lakhs, you will have to give this information to the bank. This information will be cross verified before giving clearance. If the information entered in the check and the digital information do not match, then your clearance will not be done.

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