After increase in MLCR, HDFC Bank increases FD interest rates; know the latest rates marginal cost lending rate

The country's biggest lender, HDFC Bank has increased the benchmark marginal cost lending rate (MCLR). The bank has increased the MCLR for loans of certain tenures, which have come into effect from January 8. The very next day, the bank also increased the interest rates on fixed deposits (FDs). The bank has increased the interest rates by up to 25 basis points for some selected periods. These interest rates have come into effect from 9th February.

HDFC Bank: MCLR rates increased

HDFC Bank has increased MCLR from 8.80 percent to 9.30 percent.

The rate for overnight MCLR has been increased by 10 basis points to 8.80 percent, which was earlier 8.70 per cent.

Whereas MCLR has been increased by 5 basis points for 1 month.

Due to this, the interest rate has been increased from 8.75 per cent to 8.80 per cent.
 
If we talk about 3 months MCLR, it has also been increased by 5 basis points.

Earlier, it was 8.95 per cent, which has now increased to 9 per cent.

At the same time, the MCLR rate for 6 months has been increased to 9.20 per cent.

The 1-year MCLR rate has been increased by 5 basis points to 9.25 per cent.

Apart from these, there has been no change in the 3 per cent MCLR rates and they remain stable at 9.30 per cent.

Let us tell you that MCLR rates are linked to consumer loans, due to which the loan rates fluctuate.

HDFC Bank: FD interest rates increased

HDFC Bank has also increased the interest rates on fixed deposits (FD).

According to the website of HDFC Bank, the new FD rates have come into effect on February 9, 2024. The bank has increased the FD interest rate from 7 per cent to 7.25 per cent for tenure from 18 months to less than 21 months.

HDFC Bank is currently offering 3 per cent interest rate on FD of 7-29 days.

The interest rate of 3.50 per cent is being given on FD between 30-45 days.

Whereas 4.50 per cent interest will be available on FD of 46 days to less than six months.

The bank is giving 5.75 per cent interest on FDs of six months to less than nine months.

Along with this, the bank is giving 6 per cent interest on deposits with a maturity of 9 months to less than one year.

Currently, 6.60 per cent interest is available on FDs between one year and less than 15 months.

Whereas a 7.10 per cent interest rate is available on FDs of 15-18 months.

The bank has increased the FD interest rate of 18-21 months by 25 bps from 7 per cent to 7.25 per cent.

HDFC Bank is now offering 7 per cent interest on FDs of 21 months to two years and less than 11 months.