MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Monday, 23 December 2024

HDFC Bank raises MCLR-based lending rates by up to 10 basis points

Meanwhile, Bank of Baroda (BoB) raised its deposit rates by up to 50 basis points across various tenors up to three years

Our Special Correspondent Mumbai Published 10.10.23, 10:29 AM
Representational image

Representational image File image

Banks have selectively started hiking their lending and deposit rates with the RBI staying hawkish and indicating tight liquidity conditions ahead.

Last Friday, the central bank left the benchmark repo rate unchanged at 6.50 per cent so interest rates that are linked to this benchmark will not be revised. However, others like the marginal cost of funds based lending rate (MCLR) could see changes.

ADVERTISEMENT

HDFC Bank has raised MCLR based lending rates by up to 10 basis points on select tenors. While the overnight rate has been upped to 8.60 per cent, the one-year MCLR against which some retail loans are benchmarked against, were increased by five basis points. its one-month MCLR was also raised by 10 basis points to 8.65 per cent.

Meanwhile, Bank of Baroda (BoB) raised its deposit rates by up to 50 basis points across various tenors up to three years. These rates are applicable on deposits below Rs 2 crore, effective October 9.

Follow us on:
ADVERTISEMENT
ADVERTISEMENT