United Bank of India increases MCLR by 5 basis points

New Delhi: Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 percent across tenors.

"The Asset Liability Management Committee of the Bank..Has revised the tenor based MCLR of the bank with effect from September 14, 2018," United Bank of India said in a regulatory filing Thursday.

The one-year MCLR has been increased to 8.85 percent from 8.80 percent. Six and three-month MCLR will attract lending rates of 8.65 percent and 8.55 percent, respectively.

Overnight and one-month rates will be at 8.15 percent and 8.40 percent, United Bank of India said.

Earlier this month, State Bank of India (SBI) had increased the lending rate by 20 basis points, or 0.20 percent, across all tenors up to three years.

Likewise, private sector lender ICICI Bank had announced to increase the one-year MCLR by 0.15 percent to 8.55 percent.

Bank of Baroda also increased the MCLR by 0.05 percent across tenors.