State-owned Indian Bank announced on Wednesday that it has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenure by 5 basis points, bringing it down to 9 percent.

The revised rate will come into effect from July 3, the bank said in a statement.

The one-year MCLR serves as the benchmark for pricing most retail loans, including auto, personal, and home loans.