Chennai, Oct 5 : Three public sector banks -- Indian Overseas Bank (IOB), Bank of India and Syndicate Bank -- on Wednesday announced reduction in their marginal cost of funds-based lending rate (MCLR) for various tenors.

City-based IOB, in a statement issued here, said its MCLR for one year is reduced to 9.50 per cent from 9.55 per cent with effect from October 1.

Similarly, Syndicate Bank said it has cut its MCLR for one year to 9.45 per cent from 9.55 per cent effective from October 7.

On its part, Bank of India said its one year MCLR will be 9.35 per cent effective from October 7.