HDFC Bank on Monday hiked its marginal cost of funds-based lending rates by 5-15 basis points across tenures effective, according to information on the bank's website.
The private lender's lending rates are now in the range of 7.95-9.20 per cent.
In April, the bank had slashed the lending rate by 10-85 bps on overnight to six-month loans. This was the first rate cut by the Bank since April 2022. In the financial year 2023, HDFC bank had raised the marginal cost of funds-based lending rates by 170-175 bps.
In March 2023 the bank had raised the rates on loan to 5 bps, pushing the range to 8.65-9.15 per cent.
According to the Reserve Bank of India's norms banks need to review their lending rates every month based on the marginal cost of funds.
Even other banks including IDFC First bank have hiked their lending rates.
HDFC Bank last month signed a definitive agreement with Axis Bank to invest nearly Rs 69.90 crore in Go Digit Life.
HDFC Bank shares
The shares of HDFC Bank traded on Monday at 12 pm IST were trading at Rs 1,647.55, up by 1.35 per cent.
