Kotak Mahindra Bank News
SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. The one-year tenor MCLR is the rate against which most of the consumer loans are tied to. Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022.
Bandhan Bank, Kotak Mahindra Bank, Jana Small Finance Bank, Bank of Baroda, and ICICI Bank are among the lenders. Kotak Mahindra Bank said it has boosted fixed deposit interest rates by 30 basis points for 390 days and 35 basis points for 23 months, respectively. This comes after banks raised loan rates.