HDFC Bank Hikes Fixed Deposit Lending Rates
HDFC Bank has decided to raise rates by 25 basis points (100 basis points = 1%) on Tuesday, after the rate increases by two of the biggest lenders, SBI and ICICI Bank. HDFC Bank raised its base rate to 9.5% to 9.25% today and the prime rate from 18% to 17.75% today.
The rate increases result in higher car loan rates for new customers. However, those who have taken home loan from the bank will not be affected as HDFC Bank acts only as agent for the parent HDFC for home loans.
Fixing the main is still walking on his home loan rates, but because most of the major banks have already increased their prices, the industry expects HDFC to raise prices at any time, because it is much borrowed from other banks.
HDFC Bank has also raised rates fixed deposit for a single period by 75 basis points. SDS for 16 days a year, the bank will pay 9.25%, 8.5% at present, sources said.
This rate of increase, HDFC Bank base rate has now reached the same level as the SBI and ICICI Bank. The price change came almost three weeks after the RBI raised its benchmark interest rate by 25 basis points. The banks have been slow to react to policy measures at this time, because they were waiting to raise the books loan before the end of the first quarter of fiscal year June 30.
Source: [TOI]
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