Private sector lender, HDFC Bank has also announced to hike its lending rates. The rate hike regime which started recently following the annual monetary policy of Reserve Bank of India has brought major lenders like SBI, ICICI Bank and HDFC Bank in its sway too.
The bank has said that lending rates would be raised by 55 bps while fixed deposit rates will see a rise by as much as 125 bps.
The revised rates are to come into effect from tomorrow, May 13, 2011.
The base rate of the bank would now be 9.25% while BPLR would be 17.75%.
Lending rates have been raised by many lenders including the largest lender of the country, State Bank of India.
Fixed deposit rates will see a 25-125 bps hike from the bank. For deposits below Rs 15 lakh, interest rate for the 46-60 days deposit would be 6.25%.
The interest rate would be 3.5% for the 7-14 days deposit while it would be 5% for the 30-45 days deposit.
Deposits having tenor of 15-29 days will have interest of 4% while 61-90 days deposit would have 6.5% interest.