Kotak Mahindra Bank cuts MCLR by 5-10 bps across tenors

By: |
Published: March 18, 2020 12:50:39 AM

The bank cut its MCLR by 10 basis points for the three-month, six-month and one-year tenors, while the lending rate for overnight, one-month, two and three-year tenors was cut by 5 bps.

The bank offers a fixed deposit rate of 6.05% for a maturity period of 364 days.The bank offers a fixed deposit rate of 6.05% for a maturity period of 364 days.

Kotak Mahindra Bank on Tuesday cut its marginal cost of funds-based lending rate (MCLR) by 5-10 basis points (bps) across tenors with effect from March 16. The one-year MCLR of the bank stood at 8.25%, down 10 bps compared to the previous month.

The bank cut its MCLR by 10 basis points for the three-month, six-month and one-year tenors, while the lending rate for overnight, one-month, two and three-year tenors was cut by 5 bps. The bank offers a fixed deposit rate of 6.05% for a maturity period of 364 days.

In comparison, the one-year MCLR of HDFC Bank and ICICI Bank are both pegged at 8.15%. Earlier, the State Bank of India had pegged its one-year MCLR at 7.85%. Many of the public and private sector banks have been reducing their lending rates after the move by the Reserve Bank of India (RBI) to allow long term repo operations (LTRO) for longer tenors of one year and three years, effectively bringing down cost of funds for banks.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Faith restored in Yes Bank: More deposits in last four days, less withdrawals
2Rajnish Kumar looks to calm investors, says SBI will not sell Yes Bank shares for three years
3Awards no longer ‘debt’ under IBC? What financial creditors must know