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HDFC Bank Lowers MCLR By 10 Bps Across All Tenures
On Tuesday, HDFC Bank decided to cut its lending rates by 0.10 percent across all tenures and the new rates will be effective from 7 August, a PTI report said, citing sources.
The move comes a day ahead of the the RBI's (Reserve Bank of India) monetary policy review. In the last three consecutive reviews, the central bank cut its key rat by 0.75 percent and has been expecting lenders to passover the benefits to its customers.
In the last few weeks, many lends including Bank of Baroda, Union Bank and the State Bank of India have lowered their lending rates. SBI its marginal cost of funds-based lending rate (MCLR) by 0.05 percent.
According to the PTI report's source, HDFC Bank has cut pricing by 10 basis points across all tenures with one-year MCLR reduced to 8.60 percent from the earlier 8.70 percent. While the private lender's website till hasn't notified of the change, the rates effectively would be:
| Tenure | w.e.f 8 July | w.e.f 7 August |
|---|---|---|
| Overnight | 8.30% | 8.20% |
| 1 month | 8.30% | 8.20% |
| 3 month | 8.40% | 8.30% |
| 6 month | 8.50% | 8.40% |
| 1 year | 8.70% | 8.60% |
| 2 year | 8.80% | 8.70% |
| 3 year | 8.95% | 8.85% |
Meanwhile, RBI is widely expected to cut its key rate by 0.25 percent for the fourth consecutive time at the policy review on Wednesday, to push growth.
