The benchmark marginal cost lending rate (MCLR) has been increased by HDFC Bank. The bank has increased the MCLR for loans of certain tenures, which has come into effect from January 8.
The benchmark marginal cost lending rate (MCLR) has been increased by HDFC Bank. The bank has increased the MCLR for loans of certain tenures, which has come into effect from January 8. The very next day, the bank also increased the interest rates on fixed deposits (FD). The bank has increased the interest rates by up to 25 basis points for some selected periods. These interest rates have come into effect from 9th February.
MCLR rates increased
HDFC Bank has increased MCLR from 8.80 percent to 9.30 percent. The rate for overnight MCLR has been increased by 10 basis points to 8.80 percent, which was earlier 8.70 percent. Whereas MCLR has been increased by 5 basis points for 1 month. Due to this, the interest rate has been increased from 8.75 percent to 8.80 percent.
If we talk about 3 months MCLR, it has also been increased by 5 basis points. Earlier it was 8.95 percent, which has now increased to 9 percent. At the same time, the MCLR rate for 6 months has been increased to 9.20 percent. The 1 year MCLR rate has been increased by 5 basis points to 9.25 percent. Apart from these, there has been no change in the 3 percent MCLR rates and they remain stable at 9.30 percent. Let us tell you that MCLR rates are linked to consumer loans, due to which the loan rates fluctuate.
FD interest rates were also increased
HDFC Bank has also increased the interest rates on fixed deposits (FD). According to the website of HDFC Bank, the new FD rates have come into effect from February 9, 2024. The bank has increased the FD interest rate from 7% to 7.25% for tenure from 18 months to less than 21 months.
HDFC Bank is currently offering 3 percent interest rate on FD of 7-29 days. 3.50 percent interest is being given on FD between 30-45 days. Whereas 4.50% interest will be available on FD of 46 days to less than six months. The bank is giving 5.75% interest on FDs of six months to less than nine months. Along with this, the bank is giving 6 percent interest on deposits with maturity of 9 months to less than one year.
Currently, 6.60% interest is available on FDs between one year and less than 15 months. Whereas 7.10% interest rate is available on FD of 15-18 months. The bank has increased the FD interest rate of 18-21 months by 25 bps from 7% to 7.25%. HDFC Bank is now offering 7% interest on FDs of 21 months to two years and less than eleven months.
