HDFC Bank MCLR Rate, HDFC Bank Base Rate – Jan 2017

HDFC Bank MCLR Rate – Current Rate, Past Trend

Last Updated 18th Jan 2017
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HDFC Bank MCLR, Base Rate Tenure
7.85% Overnight
7.90% 1 Month
7.90% 3 Month
8.00% 6 Month
8.15% 1 Year
8.20% 2 Year
8.30% 3 Year
Base rate - 9.25%
Current MCLR base rate of HDFC Bank ranges from 7.85% to 8.30% depending on the reset frequency of the loan. Rates are revised every month.
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HDFC Bank Interest Rates
Loan Against Property Rates 10.75% * Floating Detail
Personal Loan Interest Rates 11.29% * Detail
Fixed Deposit Interest Rates 3.50% to 6.95% * Detail

Past Trend Base Rate of HDFC Bank

HDFC Bank base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
07th Jan 17
7.85%
7.90%
7.90%
8.00%
8.15%
8.20%
8.30%
-
07th Dec 16
8.65%
8.70%
8.80%
8.85%
8.90%
8.95%
9.05%
-
07th Nov 16
8.70%
8.75%
8.80%
8.85%
8.90%
9.00%
9.05%
-
07th Oct 16
8.85%
8.90%
8.95%
9.00%
9.05%
9.15%
9.20%
-
07th Sep 16
8.85%
8.90%
9.00%
9.05%
9.05%
9.15%
9.25%
-
08th Aug 16
8.90%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
07th Jul 16
8.90%
8.95%
9.00%
9.05%
9.10%
9.20%
9.25%
-
07th Jun 16
8.90%
8.95%
9.05%
9.10%
9.15%
9.20%
9.30%
-
07th May 16
8.90%
9.00%
9.05%
9.10%
9.15%
9.25%
9.30%
-
01st Apr 16
8.95%
9.05%
9.10%
9.15%
9.20%
9.30%
9.35%
-

HDFC Bank base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, HDFC Bank decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. HDFC Bank has different MCLR base rates ranging from 7.85% to 8.30% for different tenures

Changes in MCLR Base rate of HDFC Bank

  • MCLR rate can be revised by HDFC Bank every month
  • Note that it is not mandatory for HDFC Bank to revise its rate every month and it may choose to retain the same rate for a longer period

HDFC Bank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by HDFC Bank is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from HDFC Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of HDFC Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 9.20%. This loan will initially be priced at 9.7%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 8.95%, the loan will be priced at 9.45% for the next year

Past trend of HDFC Bank Base Rate vs RBI Repo Rate

Date Base Rate
24th Oct 16 9.25%
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
04th Jan 16 9.30% decreased by 0.05%
29th Sep 15: 0.5% repo cut by RBI
01st Sep 15 9.35% decreased by 0.35%
15th Jun 15 9.70% decreased by 0.15%
02nd Jun 15: 0.25% repo cut by RBI
07th Apr 15 9.85% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
02nd Nov 13 10.00% increased by 0.2%
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd Aug 13 9.80% increased by 0.2%
03rd May 13: 0.25% repo cut by RBI
30th Mar 13 9.60% decreased by 0.1%
19th Mar 13: 0.25% repo cut by RBI
29th Jan 13: 0.25% repo cut by RBI
31st Dec 12 9.70% decreased by 0.1%
30th Jun 12 9.80% decreased by 0.2%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
13th Aug 11 10.00% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
12th Jul 11 9.50% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
12th May 11 9.25% increased by 0.55%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
14th Mar 11 8.70% increased by 0.5%
24th Feb 11 8.20% increased by 0.45%
25th Jan 11: 0.25% repo hike by RBI
01st Jan 11 7.75% increased by 0.25%
02nd Nov 10: 0.25% repo hike by RBI
05th Oct 10 7.50% increased by 0.25%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 7.25%

HDFC Bank Base Rate Vs. RBI Repo Rate Trend

About HDFC Bank

  • HDFC Bank is a Private Bank in India with 4,014 branches, 11,766 ATM's and 76,286 employees across the country.
  • HDFC Bank's registered office is located at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra-400013 .
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 22,396 crs. and Standalone net profit of Rs. 10,216 crs. HDFC Bank reported total deposits of Rs. 450,796 crs and total advances of Rs. 365,495 crs.
  • HDFC Bank's management is led by its CEO Mr. Aditya Puri.
  • Its current Base Rate is 9.25%, which was last revised on 24th Oct 16.
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News - Jan 2017
20th Jan 17 HDFC Bank to organize Digital Literacy Camp to train people in cashless transactions
HDFC Bank is planning to organize a Digital Literacy Camp to train people in executing cashless transactions via various digital payment platforms. The bank expects to target 25, 000 people across 275 different places in the state of Madhya Pradesh. The bank is planning to open 5 new branches in future in this state.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
05th Jan 17 HDFC Bank reduces personal loan balance transfer rates to 11.29 percent
HDFC Bank has announced reduction in personal loan balance transfer rates for special corporate. The rates are now revised to 11.29 percent as compared to 11.69 and 11.99 percent earlier. The new balance transfer rates are valid for all logins till 31st January, 2017.
28th Dec 16 HDFC Bank ties up with Niki.Ai for chatbot banking
HDFC Bank has tied up with an artificial intelligence firm named Niki Ai to begin conversational banking. HDFC chatbots will facilitate commerce and banking transactions through chats. The on chat application opens a payment gateway through which transactions can be made by using any bank account.
07th Dec 16 HDFC Bank reduces its MCLR by 5 basis points
HDFC Bank has reduced its overnight marginal cost of lending rate by 5 basis points to 8.65 percent from 8.70 percent. The bank has also reduced its one month lending rate to 8.70 percent from 8.75 percent earlier. The new rates are effective from 7th December, 2016.
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