HDFC Hikes Loan Interest Rates and Reduces Fixed Deposit Rates - Think before Opening Account in HDFC
The benchmark marginal cost of funds-based lending rates (MCLR) have increased by up to 10 basis points (bps) on several tenures, according to private sector lender hdfc Bank. On october 7, 2023, the new rates will go into effect, according to the Bank's website.
HDFC bank Loan Interest Rates
After the most recent increase, the overnight MCLR for hdfc bank is now 8.60%. The three-month and six-month MCLRs will be 8.85% and 9.10%, respectively, while the one-month MCLR is 8.65%. The three-year MCLR will be 9.25%, the two-year MCLR will be 9.20%, and the one-year MCLR, which is associated with many consumer loans, will now be 9.20%.
HDFC Bank's Marginal Cost Of Funds-Based Lending Rates (MCLR) effective 7 october 2023
Overnight 8.60%
1 Month 8.65%
3 Month 8.85%
6 Month 9.10%
1 Year 9.20%
2 Year 9.20%
3 Year 9.25%
The marginal cost of funds-based lending rates (MCLR)
Overnight 8.60%
1 Month 8.65%
3 Month 8.85%
6 Month 9.10%
1 Year 9.20%
2 Year 9.20%
3 Year 9.25%
The marginal cost of funds-based lending rates (MCLR)
The minimal interest rate that banks must charge for a certain loan is known as the MCLR. As a benchmark or lower bound for lending rates, MCLR is used. From october 1, 2019, all banks, including SBI, are only permitted to offer loans at interest rates correlated to external benchmarks like the Treasury Bill yield or the repo rate of the RBI. After the Monetary Policy Committee (MPC) meeting on Friday, october 6, governor of the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india Shaktikanta Das said that the MPC has chosen to maintain the policy repo rate at 6.50 percent for a fourth consecutive meeting.
HDFC bank cuts interest rate on fixed deposits
Fixed deposit interest rates have been lowered by hdfc bank for certain tenures. Following the most recent modification, the bank is now giving regular clients an interest rate on deposits that mature in 7 days to 10 years that ranging from 3% to 7.20%. Seniors will get interest on their deposits ranging from 3.5% to 7.75%. These prices are valid as of october 1, 2023.