HDFC Bank Adjusts Lending Rates Amid RBI's Steady Benchmark

HDFC Bank has increased its MCLR by 5 basis points for select maturities while retaining the benchmark one-year tenor MCLR at 9.45%. The overnight and one-month MCLRs have experienced incremental hikes. These adjustments align with RBI's decision to maintain its benchmark lending rate at 6.5%.

In a strategic move, HDFC Bank has raised its Marginal Cost of Funds-based Lending Rate (MCLR) by 5 basis points for certain maturities, effective November 7, 2024. This step reflects the bank's response to prevailing economic conditions.

The bank has retained its one-year tenor MCLR, crucial for pricing most consumer loans, at 9.45%. However, the overnight MCLR has increased from 9.10% to 9.15%, and the one-month rate has been adjusted to 9.20%.

This rate revision comes as the Reserve Bank of India (RBI) has held its benchmark lending rate steady at 6.5% for the tenth consecutive meeting, influencing lending strategies across the financial sector.

(With inputs from agencies.)