Private sector HDFC Bank reduced the Fund’s Marginal Cost Based Interest Rate (MCLR) by 0.05 percent. This deduction is made on the MCLR of each period. According to the bank’s website, the new rates are effective from June 8. The MCLR rate will reduce the amount of home loan equated monthly installment. According to HDFC Bank, the MCLR has been reduced to 7.30 percent for one day and 7.35 percent for one month period. The one-year MCLR will now be 7.65 percent. Most consumer loans are linked to this. The three-year MCLR will now be 7.85 percent.
Also read: SBI gave a big gift, your EMI is decreasing from June 10, the MCLR rate is reduced by 0.25 percent
HDFC has taken this step amid a cut in MCLR of other banks after the Reserve Bank’s policy rate cut. The RBI has cut the key policy rate (repo) by 1.15 per cent since March to revive the economy from the Kovid-19 pandemic and ‘lockdown’. The banks review their MCLR every month.
This bank gave a gift to customers, will get more interest on savings account
To attract public deposits, small lender Bank Equitas Small Finance Bank said on Tuesday that it has increased the interest rate on deposits ranging from Rs 1 lakh to Rs 5 crore to 7 percent from the current 5.5 percent in savings accounts. The bank has said in a release that the new rates will be applicable from Wednesday.
Also read: Stock market closed strongly, Sensex rose by 290 points, Nifty closed at 10,116 level
Murali Vaidyanathan, President and Country Head (Branch Banking, Liability, Products and Assets) of the bank said, “We are offering 7 percent annual interest to the customer on savings deposits ranging from Rs 1 lakh to Rs 5 crore. We believe that this will provide more deposits with better interest rate to existing customers and new savings account holders of the bank. There are two categories of deposits in a bank’s savings account. The bank has kept the interest rate unchanged at 3.5 percent on deposits of Rs 1 lakh and above and up to Rs 1 lakh. The bank has about six lakh savings accounts.