Indian Bank: Indian Bank has reduced its treasury bill-linked lending rates (TBLR). The bank said that its asset liability management committee reviewed various rates like marginal cost of fund-based lending rate (MCLR), TBLR, base rate and benchmark prime lending rate (BPLR). These new rates have come into effect from November 3.
New TBLR rates – Rates have become effective from November 3
For less than 3 months: Reduced from 6.6% to 6.45%.
For 3 to 6 months: Reduced from 6.65% to 6.55%.
For 6 months to 1 year: Reduced from 6.65% to 6.55%.
For 1 to 3 years: Reduced from 6.65% to 6.55%.
There is no change in other rates of the bank. MCLR rates from overnight to 1 year remain stable at 8.25% to 9%. Base rate remains stable at 9.85% and BPLR at 14.1%.
What does TBR mean?
Treasury bill-linked lending rates (TBLR) are interest rates that banks charge linked to the yields of government treasury bills (T-bills). T-bills are short-term government securities issued to meet the government’s immediate funding needs. TBLR rates are usually linked to the rates of T-bills with 91 day, 182 day or 364 day maturity, reflecting the government’s short-term borrowing cost.
Indian Bank stock closed at ₹583.9 in the previous session, down 1.23%. Its highest level this year has been ₹626.35 (in June) and lowest level has been ₹391.25 (in November last year).
