Private sector banking majors of the country, ICICI Bank and HDFC Bank have announced rise in their lending rates by as much as upto 50 basis points. Following the rise, all loans including home and car loans would get dearer by atleast 50 bps.
Along with lending rates, ICICI Bank has also raised interest rates on fixed deposits by upto 50 bps across different deposit tenors.
The bank has raised base rate by 50 bps taking it to 8.25% while benchmark prime lending rate (BPLR) has also been raised by an equivalent amount.
Base rate of HDFC Bank has been raised by 45 bps taking it to 8.20%. The revised rates of the bank are coming to effect from today, February 24, 2011.
The move by these lenders follows many others who have already raised their lending as well as deposit rates. Amongst them include the largest lender of the country, State Bank of India, Punjab National Bank, Indian Overseas Bank, Bank of Baroda to name a few.