HDFC Bank Hikes Interest On FDs By Up To 1% ; Loans Could Get Costlier - Dollar Advisory & Financial Services

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Thursday 26 April 2018

HDFC Bank Hikes Interest On FDs By Up To 1% ; Loans Could Get Costlier

HDFC Bank's move comes after the State Bank of India hiked rates of bulk deposits by up to 50 basis points in January.

The minutes of the Reserve Bank of India's last monetary policy committee meeting suggested that the central bank may be moving towards hiking its benchmark repo rate. Banks typically pre-empt this by hiking deposit rates first, and then increasing lending rates as their marginal cost of funding goes up.

At present, HDFC Bank has a deposit base of 7.9 lakh crore and enjoys a market share of 7 percent of the country’s bank deposits.

According to RBI data, bank deposits as of March 30, 2018 were at Rs 115 lakh crore, which witnessed a 6.7 percent rise over FY2017.

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