HDFC Bank to raise lending rates by 50 bps

Country's second largest private lender HDFC Bank has decided to raise its lending rates by 50 basis points in line with its peers making its home, auto and corporate loans more expensive.

The base rate, or the minimum lending rate, of HDFC Bank will become 10 per cent from the existing 9.50 per cent, sources said.

At the same time, the benchmark prime lending rate (BPLR) of the bank is expected to be increased by similar percentage points to 18.50 per cent.

The bank has also decided to raise fixed deposits rates by up to 75 basis points on the select maturities effective tomorrow, sources said.

HDFC Bank's fixed deposit rate in the 1 year 1 day to 1 year 15 days basket is likely to be 9 per cent per annum as against existing 8.25 per cent, an increase of 75 basis points.

Besides, interest rate for term deposits between 46-60 days will go up by 25 basis points to 7 per cent from the prevailing 6.75 per cent.

DEEPAK KUMAR

PGDM 3RD SEM