The one-year MCLR is the benchmark against which most of the consumer lending, such as auto, personal and home loans, are priced.
Among others, the six-month and three-month MCLRs have been cut to 8.60 per cent and 8.50 per cent, respectively.
Likewise, the one-month and overnight MCLR rates are reduced by five basis points (bps) each, the bank said.
One basis point is equal to one-hundredth part of a percentage.
The banks review their MCLRs every month.