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HDFC Bank hikes prime rate to 13.5%

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Mumbai , Dec. 21

HDFC Bank has hiked its benchmark prime lending rate by 1.5 percentage point cent to 13.5 per cent effective December 20, the bank said on its Web site. The bank last raised its PLR in June.

It has also raised deposit rates by 50-75 basis points across various maturities over the last month, said a spokesperson from the bank.

Only a small proportion of HDFC Bank's loans are linked to the PLR, he said.

Earlier this month, ICICI Bank increased its PLR by 0.5 per cent to 13.75 per cent. It raised interest rates on deposits of less than Rs one crore by 0.25 per cent -0.75 per cent across various tenors.

Public sector banks such as SBI, Union Bank of India and Bank of India have also increased domestic term deposit rates in the range of 25-75 basis points.

Related Stories:
ICICI Bank hikes lending, deposit rates
SBI board ratifies PLR hike
Home loan rates, PLR go up

More Stories on : Private Banks | Interest Rates | HDFC Bank Ltd

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