While on one hand the bank is increasing the interest rate on Fixed Deposit (FD), on the other hand it is also increasing the MCLR, due to which all types of loans will become costlier for the customers.
New Delhi. While on one hand the bank is increasing the interest rate on Fixed Deposit (FD), on the other hand it is also increasing the MCLR, due to which all types of loans will become costlier for the customers. Leading private sector lender HDFC Bank has revised the interest rates on fixed deposits. The new rates are effective from today, 18 November 2022. Apart from this, Axis Bank has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points for various tenors with effect from 18 November. The new benchmark lending rates range from as low as 8.25% to as high as 8.60%.
The customers of the bank will now have to pay the increased EMI on the loan. Private and government banks are also increasing their interest rates ever since the Reserve Bank increased the repo rate.
HDFC bank FD rates
Leading private sector lender HDFC Bank has revised interest rates on fixed deposits from ₹2 crore to ₹5 crore. According to the official website of the bank, the new rates are effective from today, November 18, 2022. The revised rates are applicable for Domestic/NRO/NRE deposits. After the revision, the bank is now offering interest rates ranging from 3.75% to 6.25% for general public and 4.25% to 7.00% for senior citizens.
Axis Bank MCLR Rate
As per the latest release, the 1 year MCLR in Axis Bank with effect from 18th November is around 8.45%, while the previous rate was 8.35%. MCLR for 2 years is set at 8.55%, while for 3 years tenure is 8.60%. In addition, the MCLR for 6 months and 3 months tenure has been reduced to 8.40% and 8.35%, respectively, as against 8.30% and 8.25%. For 1 month and overnight tenors, the MCLR has been increased to 8.25% from 8.15% earlier.
What is MCLR?
MCLR or Marginal Cost of Funds Based Lending Rate is the minimum rate at which a bank offers loans to its customers. Any change in the lending rate has a direct impact on the loan rates. When the interest rate on the loan increases, the EMI also automatically increases. Therefore, now SBI customers will have to pay increased EMI on loans linked to MCLR.
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