Private Sector HDFC Bank increases MCLR rate, customers will bear higher EMI burden

Edu Tech Gyan- HDFC Private Bank has increased the MCLR interest rate by 10 basis points for a specific period. The bank announced on its website that the new interest rate will be applicable from October 7, 2023. HDFC Bank in a statement has reportedly increased the MCLR for some select periods. HDFC Bank has reduced the MCLR rate to 8.60 percent. MCLR for the month increased to 8.65%. MCLR for three months increased to 8.85% and for six months to 9.10%.

Change in loan interest rate

HDFC Bank has reduced the daily MCLR rate to 8.60 percent. MCLR increased to 8.65 percent for one month. Three month MCLR is 8.85 percent and six month MCLR is 9.10 percent. It is noteworthy that MCLR is the minimum interest rate at which a bank gives loan to its customers. MCLR determines the interest rates for home loan, personal loan and auto loan.

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Bank reduced interest on FD

HDFC Bank has reduced the interest rates on FDs of some selected tenures. The bank offers interest rates ranging from 3% to 7.20% for 7-day to 10-year FDs. Whereas, senior citizens get interest rates between 3.5% to 7.75%. It is noteworthy that in the recent MPC meeting, RBI had decided to keep the repo rate unchanged.

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