The present overnight MCLR is at 7.25% whereas it’s one month, three month and six month MCLR rates are 7.35%, 7.35% and 7.60%, respectively. And the one year, two year and three year rates are at 7.60%, 7.70% and 7.85%, respectively.
In April, Kotak Mahindra has revised its savings interest rate by 5% with daily balance above 1 lakh. Further in May, it cuts the savings rate to 3.5% in May for up to Rs 1 lakh balance.
After the Reserve Bank of India (RBI) dropped repo rates by 40 basis points to 4% in the May, a host of public lenders including Bank of Baroda, Union Bank of India, SBI, HDFC bank etc. have reduced their lending rates previously.
Recently, Bank of Baroda revised it’s one year MCLR to 7.60%, State bank of India (SBI) revised its three-month MCLR to 7% and HDFC Bank revised its rates across all tenors by 7.10% – 7.65%.
