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Joining the league of the other private banks HDFC also raised lending and fixed deposit rates on Wednesday. Private Majors like ICICI Bank and SBI have already raised the rates after the hike by RBI on May 3. Private sector banking major HDFC Bank hiked a 50-basis points (100 basis points = 1%) hike in policy rates. The hike will help those who like to save and keep money in their hands but on the other hand it will make all the retail loans like auto and home loans and also lending by corporate more expensive.
A source from the bank said, “From Thursday the hike will be of 55bps i.e. to 9.25% per annum.” The bank has also raised its prime lending rate (PLR) by 50 bps to 17.75%. The current changes brought it on par with the other two other banking majors, ICICI and SBI Bank. From 7.25% on July 1, 2010, HDFC Bank’s base rate has gone up by 200 basis points to 9.25% now.
The latest revisal of the lending rates will make consumer, auto and personal loans expensive, but for not home loans as the parent body is still deciding. The decision is expected to come as an affirmative and on Thursday or Friday. HDFC Bank also raised FD rates, with the highest hike in the 46-90 days bracket. It will now offer 6.25% per annum, up 125 bps from 5% earlier. Sources said that the bank left rates for FDs for more than one year unchanged; it has now raised rates for nine different terms of short tenures apart from the lending rates.
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