EMI of HDFC Bank customers will increase, bank increased MCLR rate

Private sector HDFC Bank has increased the MCLR rate for some selected periods by 10 basis points. According to the bank's website, the new rates have become effective from October 7, 2023.

HDFC Bank has reduced the overnight MCLR rate to 8.60 percent. One month MCLR has increased to 8.65 percent. Three-month MCLR has been increased to 8.85 percent and six-month MCLR has been increased to 9.10 percent.

One year MCLR which is linked to the home loan of many customers. Now it has become 9.20 percent. At the same time, MCLR for two years is 9.20 percent. MCLR for three years has become 9.25 percent.

MCLR is the minimum rate at which banks give loans to their customers. On this basis, it is decided what will be the interest rate for home loans, personal loans, and car loans.

HDFC Bank has reduced the interest rates on FDs of some selected tenures. The bank is offering 3 percent to 7.20 percent interest to common citizens on FDs of 7 days to 10 years. At the same time, senior citizens are being given interest ranging from 3.5 percent to 7.75 percent.

A new monetary policy was announced by RBI. In this, the repo rate was kept unchanged.