HDFC Bank MCLR Rates, HDFC Bank Base Rate – Feb 2017

HDFC Bank MCLR Rate – Current Rate, Past Trend

Last Updated 15th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
HDFC Bank MCLR, Base Rate Tenure
7.85% Overnight
7.85% 1 Month
7.90% 3 Month
7.95% 6 Month
8.15% 1 Year
8.20% 2 Year
8.30% 3 Year
Base rate - 9.25% Past Trend
Current MCLR 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 MCLR Rate of HDFC Bank

HDFC Bank MCLR 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 Feb 17
7.85%
7.85%
7.90%
7.95%
8.15%
8.20%
8.30%
-
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 MCLR Base Rate Vs. RBI

  • RBI requires banks to set their own MCLR Rate based on their marginal cost of funds. So, HDFC Bank decides its own MCLR Rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR 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 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 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 - Feb 2017
11th Feb 17 HDFC Bank launches HDFC Lite a lighter version of mobile application
HDFC Bank has launched an upgraded version of its mobile application named as HDFC Lite. The app allows customers to perform banking transactions without internet connections via SMS and missed calls. With HDFC Lite, customers can also enquire about their fixed deposits, request issue of new cheque book and regeneration of iPIN.
10th Feb 17 HDFC offers BBPS service to ease digitization process
HDFC Bank becomes the first bank to offer a Bharat Bill Payment System (BBPS) to its customers to ease its digitisation process. The facility will enable the customers to pay their utility bills instantly without registering their billers. BBPS is a centralised system created by NPCI that allows the agents to access the bill payments services in an inter operable manner.
30th Jan 17 HDFC Bank to deploy around 20 humanoid robots in next two years
HDFC Bank is planning to deploy around 20 human robots named Ira at its branches in next two years. The bank intends to provide better assistance to customers via humanoids. HDFC Bank becomes the second private sector bank to launch such robots after City Union Bank.
25th Jan 17 HDFC Bank registers growth of 15 percent in third quarter of FY17
HDFC Bank has reported a growth of 15 percent in its net profit to Rs. 3,865 crore in third quarter of FY17 as compared to Rs. 3,356 crore in the corresponding period a year ago. Provisions for bad loans rose by 9.46 percent to Rs. 715 crore during the quarter as compared to Rs. 653 crore a year ago. Domestic retail and whole sale loan portfolio of the bank grew at an healthy rate of 17.8 and 16.8 percent respectively during the quarter.
24th Jan 17 HDFC Bank may register a decent growth in its net profit even as its loan growth is expected to come down
Analysts at CNBC have forecasted an increase in net profit of HDFC Bank during the third quarter of FY 17. As per the polls, the bank is likely to see a growth of 12 percent in its net profit Rs. 3, 770 crore on a year on year basis. Analysts have, however opined that the bank is likely to see a slower growth in its loan book. HDFC Bank is scheduled to announce its Q3 results on 25th January, 2017.
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