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Deposit Rates Hiked Up for Various Tenors, Says HDFC

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Amidst the mounting storm of liquidity crunch, HDFC Bank hiked its deposit rates by 0.5% applicable on various tenors, whereas the state finance Bank of Baroda opt for hike in its lending rates by 0.1%.

HDFC’s hike is in effect since Tuesday. In a statement, HDFC Bank said the new interest rate on deposits below Rs 1 crore for various tenors.

The rate on deposits with tenor of 5-8 years and 8-10 years has been increased to 6.5 per cent from 6 per cent. The rate has been hiked to 7.25 per cent for fixed deposits of 3-5 years from the earlier 7.1 per cent.The fixed deposit rate for one-year tenor has been fixed at 7.3 per cent, up from 7.25 per cent.

State-owned Bank of Baroda announced a hike in MCLR effective Wednesday. The interest rate for different categories of borrowers is pegged at the marginal cost of funds based lending rate (MCLR).

“MCLR has been reviewed at 10 basis points above existing level with effect from November 7, 2018,” the bank said in a statement.

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

For all other tenors — overnight, one month, three months and six months — rates are 8.15 per cent, 8.20 per cent, 8.30 per cent and 8.50 per cent, 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 per cent, is applicable irrespective of the total home loan amount and is available for a tenure of up to 30 years, it said.

The Reserve Bank of India will be announcing its next bi-monthly monetary policy in the first week of December.

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