Bank of India Base Rate, Bank of India MCLR Base Rate Past Trend

Current Bank of India MCLR Base Rate

Last Updated 28th Nov 2016
Tenure Base Rate, MCLR
Overnight 9.00%
1 Month 9.10%
3 Month 9.10%
6 Month 9.20%
1 Year 9.30%
Current MCLR base rate of Bank of India ranges from 9.00% to 9.30% depending on the reset frequency of the loan. Rates are revised every month.
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Bank of India Interest Rates
Home Loan Interest Rates 9.30% * Floating
Loan Against Property Rates 11.10% * Floating
Fixed Deposit Interest Rates 4.00% to 7.00% *

Past Trend Base Rate of Bank of India

SBI base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
07th Nov 16
9.00%
9.10%
9.10%
9.20%
9.30%
-
-
-
07th Oct 16
9.00%
9.15%
9.20%
9.25%
9.35%
-
-
-
07th Sep 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Aug 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Jul 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
07th Jun 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-
01st Apr 16
9.15%
9.20%
9.25%
9.30%
9.40%
-
-
-

Bank of India base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Bank of India decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Bank of India has different MCLR base rates ranging from 9.00% to 9.30% for different tenures

Changes in MCLR Base rate of Bank of India

  • MCLR rate can be revised by Bank of India every month
  • Note that it is not mandatory for Bank of India to revise its rate every month and it may choose to retain the same rate for a longer period

Bank of India home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Bank of India is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from Bank of India will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Bank of India will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.40%. This loan will initially be priced at 9.9%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 9.15%, the loan will be priced at 9.65% for the next year

Past trend of Bank of India Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
30th Sep 16 9.65% decreased by 0.05%
05th Apr 16: 0.25% repo cut by RBI
05th Oct 15 9.70% decreased by 0.25%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
02nd May 15 9.95% increased by 1.95%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
20th Jan 14 10.20%
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
01st Sep 13 10.25% increased by 0.05%
08th Jul 13 10.00% decreased by 0.25%
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.25% increased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% increased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
28th Jul 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% decreased by 0.75%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
03rd Feb 11 9.50% decreased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
15th Dec 10 9.00% decreased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
11th Oct 10 8.50% decreased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00% decreased by 0.5%

Bank of India Base Rate Vs. RBI Repo Rate Trend

About Bank of India

  • Bank of India is a Public Sector Bank in India with 4,892 branches, 6,771 ATM's across the country.
  • Bank of India's registered office is located at Star House, C-5,G Block, Bandra Kurla Complex, Mumbai, Maharashtra-400051.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 11,344 crs. and Standalone net profit of Rs. 1,709 crs. Bank of India reported total deposits of Rs. 531,907 crs and total advances of Rs. 411,726 crs.
  • Bank of India's management is led by its CEO Mr. Vijayalakshmi R. Iyer.
  • Highest fixed deposit interest offered by Bank of India is 7.10% per annum on deposits.
  • Its current Base Rate is 9.65%, which was last revised on 30th Sep 16.
News - Dec 2016
16th Nov 16 Bank of India net profit in second quarter increases to Rs. 127 crore, NPAs reduce
Bank of India reported an increase in its net profit to Rs. 127 crore in the July to September quarter as compared to the net loss of Rs. 741 crores in preceding three months. NPAs during the period also reduced to Rs. 388 crores from Rs. 1,995 crore in the first quarter.
16th Nov 16 Bank of India scores gains in bad loans battle
Bank of India reported a reduction in its bad loans to Rs. 388 crores in the second quarter from Rs. 1,995 crores in first quarter and Rs. 7,545 crores a year ago. Bank gave credit of the reduction to its three- pronged strategy called Star Mission One. The strategy was made to manage bad loans, augment low cost deposits and rebalance advances in favor of retail lending. Besides this, bank has activated the asset recovery branches (ARB) to recover bad loans.
08th Nov 16 Bank of India cut its MCLR by 5 basis points from 7th November, 2016
Bank of India has reduced its one year marginal cost of lending rate by 5 basis points to 9.30 percent from 9.35 earlier. The minimum six month lending rate is cut to 9.20 percent from 9.25 percent and one month rate is reduced to 9.10 percent from 9.15 percent respectively. The revised rates are effective from 7th November, 2016.
12th Aug 16 Bank of India reports Q1 loss of Rs741 crore on stressed assets
As per the results for Q1FY17, Bank of India Ltd reported a Net Loss of Rs.741.36 crore in the June quarter as compared with Net Profit of Rs.129.72 in year ago period, as the bank had to provide for higher provisions against bad loans. The provisions increased by 82.8 percent to Rs. 2,770.19 crore when compared on a yoy basis. Net Interest Income decreased by 3.79 percent to Rs. 2,802.17 crore in June quarter when compared on yearly basis. Gross NPAs were 13.38 percent at the end of the June quarter as compared with 13.07 percent in the previous quarter, a growth of 31 bps. Net NPAs were at 7.78 percent in the June quarter against 7.79 percent in the previous quarter and 4.11 percent in the same quarter last year
25th May 16 BoI March quarter net loss at Rs 3,587 Cr as bad loans rises
Bank of India posted net loss of Rs 3,587 crore in the quarter ended March 31, 2016, on a sharp rise in provisions for bad loans. This is the third consecutive quarter for which it posted a loss in FY16. For 2015 to 2016, its net loss was Rs 6,089 crore against net profit of Rs 1,708 crore in FY15. The provisions and contingencies, mostly for non-performing assets (NPAs), rose to Rs 5,470 crore in the fourth quarter of FY16 from Rs 2,255 crore in the corresponding quarter of FY15. The provision coverage ratio for bad loans stood at 51.14 per cent at the end of FY16.
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