State-owned Bank of Baroda (BoB) Saturday said it has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent with effect from May 7.

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BoB has hiked the lending rates for overnight tenor to 8.30 per cent from the previous 8.25 per cent.

Similarly, for one-month and three-month tenors the interest rates have been increased to 8.35 per cent and 8.45 per cent, respectively.

Rate for six-month tenor has been hiked to 8.65 per cent and one-year tenor to 8.70 per cent with effect from May 7, BoB said in a BSE filing.