The Bengaluru-headquartered lender has cut the overnight, 1-month and 3-month MCLR by 0.05 per cent each to 7.95, 8 and 8.05 per cent.
The new MCLR rate will take effect from December 10, Syndicate Bank said in a statement today.
The MCLR for six-month and one year lending have been kept unchanged at 8.25 per cent and 8.45 per cent.
The bank said that there was no change in base rate and BPLR (Benchmark Prime Lending Rate) at 9.5 and 13.85 per cent, respectively.
Introduced in April 2016, the Reserve Bank in August said it is going to review MCLR on the contention that banks were passing on lesser repo rate revision benefits to consumers.
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