EMIs to go up! HDFC Bank hikes benchmark marginal cost of funds-based lending rates (MCLR). Check lending rates here

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Private sector lender HDFC Bank has hiked the benchmark marginal cost of funds-based lending rates (MCLR) by up to 10 basis points (bps) on select tenures. According to the Bank's website, the new rates are effective from October 7, 2023. 

After the latest hike, HDFC Bank's overnight MCLR is now 8.60%. The MCLR for one month is 8.65% and the three-month and six-month MCLRs will be 8.85% and 9.10%. The one-year MCLR, which is connected to many consumer loans, will now be 9.20%, the two-year MCLR will be 9.20%, and the three-year MCLR will be 9.25%.

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%

MCLR is the minimum interest rate that banks are required to charge for a specific loan. MCLR works as a benchmark or lower limit of lending rates.  From October 1, 2019, all banks, including SBI, have to lend only at an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield.

The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50 per cent for the fourth time in a row, Reserve Bank of India Governor Shaktikanta Das said on Friday (October 6) after the MPC meeting.

HDFC Bank has reduced fixed deposit interest rates on select tenures. After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 1 October 2023.

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