HDFC Bank slashes MCLR rates: Check the new rates
HDFC Bank just dropped its lending rates (MCLR) by up to 10 basis points starting March 7, bringing them down to between 8.15% and 8.55%.
This means borrowing just got a bit cheaper compared to last month.
What this means for you
If you've got a home or personal loan tied to MCLR, your EMIs could shrink at the next reset.
The biggest cut is for overnight and one-month loans (down by 10 basis points), while other tenures like three months, six months, one year, two years, and three years see a smaller drop of five basis points.
FD rates up by 10 basis points
Good news if you're saving: from March 6, HDFC Bank has bumped up fixed-deposit rates by 10 basis points for tenures of three years and one day to less than four years and seven months (roughly 37-55 months), now at 6.5% for everyone and an even sweeter 7% for seniors.
The base rate stays put at 8.80%.