HDFC Bank Interest Rate: There is bad news for crores of customers of HDFC Bank, the largest private sector bank. In the midst of rising inflation, this news is being considered as a big blow to the people of the middle and lower classes. Actually, HDFC Bank has increased the MCLR for all types of loans of different tenors. The bank has increased it by 20 basis points. After this move of the bank, the EMI burden on the customers who have taken a home loans, car loans, and personal loans from HDFC will increase further.
The new rates have come into effect today
From the bank with immediate effect from 7th July. According to the information given on the bank’s website, the rate of one night MCLR has been increased by 20 basis points to 7.70 percent. Similarly, the rate of MCLR for one month tenor has reached 7.75 percent, three months MCLR rate is 7.80 percent, and six months MCLR rate has reached 7.90 percent. Similarly, the one-year MCLR has been increased to 8.05 percent.
Let us tell you that HDFC Bank has increased
The rates had gone up by 35 basis points in the last month itself. Which was implemented from 7 June. HDFC has changed the rate for the second time in a month. Significantly, after the increase in the repo rate and reverse repo rate by the RBI, the loans of various banks became expensive. On June 8, RBI Governor Shaktikanta Das increased the repo rate by 50 basis points. A few days ago, it was suddenly increased by 40 basis points. Accordingly, it has increased by 90 paise during the last one month.
The network of the bank will be doubled.
Earlier on June 22, the bank had announced a plan to double the existing branches across the country. It was told by the bank that about 1,500 to 2,000 branches will be opened every year. This will double the bank’s network in the next three to five years. Presently, the bank has more than 6,000 branches in the country. On behalf of the bank official, it was said that the number of branches of the bank according to the population is less than that of the Organization for Economic Co-operation and Development (OECD) countries.
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