HDFC Bank increases deposit rates; Bank of Baroda hikes lending rate

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HDFC Bank recently hiked interest rates on deposits for various tenors by a maximum of 0.5%. HDFC Bank said in a statement that the new interest rate on deposits under Rs.1 crore for varied tenors will be effective from November 5.

Bank-of-Baroda
HDFC Bank has increased interest rates on deposits of various tenors by a maximum of 0.5%, while Bank of Baroda increased its lending rate by 10 basis points.

The bank has raised the interest rate for deposits with tenors of 5-8 years and 8-10 years to 6.5% from 6%. Similarly, the interest for fixed deposits with a tenor of 3-5 years has been hiked to 7.25% from 7.1%. The interest rate for deposits with a 1-year tenor has been raised to 7.3% from 7.25%.

Bank of Baroda, a leading public sector bank, recently announced that it has raised its MCLR by 10 basis points. The increased lending rate will be effective from November 7. Bank of Baroda said that its one-year MCLR will be fixed at 8.65%, which is a competitive lending rate as per the present market scenario.

For other tenors such as overnight, 1 month, 3 months, and 6 months, the rates have been fixed at 8.15%, 8.20%, 8.30%, and 8.50%, respectively. Bank of Baroda added that the one-year MCLR is applicable regardless of what the home loan amount is and will be available for a term of up to 30 years.

The Reserve Bank of India (RBI) will announce its next bi-monthly monetary policy during the first week of December 2018.

Sources: The Times of India, Moneycontrol

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