Wednesday, November 21, 2018
facebook

google plus
Business

Posted at: Nov 7, 2018, 12:42 AM; last updated: Nov 7, 2018, 12:42 AM (IST)

HDFC Bank hikes deposit rates up to 0.5%, BoB lending dearer

New Delhi, November 6

Signalling tightening of rates, HDFC Bank today raised interest rates on deposits by up to 0.5% for various tenors, while Bank of Baroda hiked lending rates by 0.1%.

In a statement, HDFC Bank said the new interest rate on deposits below Rs 1 crore for various tenors will come into effect from Tuesday.

The rate on deposits with tenor of 5-8 years and 8-10 years has been increased to 6.5% from 6%.

The rate has been hiked to 7.25% for fixed deposits of 3-5 years from the earlier 7.1%.

The fixed deposit rate for one-year tenor has been fixed at 7.3%, up from 7.25%. State-owned Bank of Baroda announced a hike in MCLR with effect from Wednesday.

The interest rate for different categories of borrowers are pegged at the marginal cost of funds based lending rate (MCLR).

“MCLR has been reviewed at 10 bps above existing level w.e.f. November 7, 2018,” the bank said. 

The bank’s one-year MCLR will be 8.65%, which is competitive as per the current market scenario, it said.

For all other tenors — overnight, one month, three months and six months — rates are 8.15%, 8.20%, 8.30% and 8.50%, respectively.

The bank further said it does not add any mark-up on its MCLR for its best-rated home loan borrowers.

One-year MCLR, that is 8.65%, is applicable irrespective of the total home loan amount and is available for tenure of up to 30 years, it added.

The RBI will announce its next bi-monthly monetary policy in the first week of December. — PTI 

New rates effective today

  • The new interest rate on deposits below Rs 1 crore for various tenors will come into effect from Tuesday
  • The rate on deposits with tenor of 5-8 years and 8-10 years has been increased to 6.5% from 6%
  • The rate has been hiked to 7.25% for fixed deposits of 3-5 years from the earlier 7.1%
  • The fixed deposit rate for one-year tenor has been fixed at 7.3%, up from 7.25%

COMMENTS

All readers are invited to post comments responsibly. Any messages with foul language or inciting hatred will be deleted. Comments with all capital letters will also be deleted. Readers are encouraged to flag the comments they feel are inappropriate.
The views expressed in the Comments section are of the individuals writing the post. The Tribune does not endorse or support the views in these posts in any manner.
Share On