HDFC Bank Increases Lending Rate Across Tenures; 1-Year MCLR At 8.75%

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    On Monday, private sector lender HDFC Bank driven by a decline in its CASA or current account savings account ratio has increased its marginal cost of funds based lending rate or MCLR across tenures. The new revised rates with 5 basis point hike stand at 8.75%, 8.90% and 9.05% for one, two and three year tenures, respectively.

    HDFC Bank Increases Lending Rate Across Tenures; 1-Year MCLR At 8.75%
     

    Over the last 4 months period, the bank has been increasing its loan rate. In the previous instance, the bank increased its one, three and six-month MCLR by 5 basis points on December 7. One basis point is one-hundredth of a percentage point.

    SBI's and ICICI Bank 1-year MCLR rate stand at 8.5% and 8.8%, respectively.
    As on December 31, bank's advances totaled to nearly Rs 7.8 lakh crore with a 23.8% YoY hike whereas deposits also expanded year-on-year to Rs. 8.5 lakh crore with a 22% growth.

    The private sector lender's CASA ratio (ratio of deposits in current and savings account) to total deposits came in at 41% as at the end of December 2018, a tad lower than the 43.9% as of December 31, 2017. The bank s one-year deposit rate is 7.3% versus its one-year MCLR of 8.75%, which makes the spread at 1.45%.

    Goodreturns.in

    Story first published: Tuesday, January 8, 2019, 10:29 [IST]
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