HDFC has increased MCLR by 0.05 percent on certain tenure loans. By increasing the MCLR of the bank, the EMI of all types of floating loans including home loan, personal loan and auto loan increases. These new rates have come into effect from today, December 7, 2023.

HDFC Bank New MCLR Rates

HDFC Bank’s overnight MCLR has been increased by 5 bps from 8.65 percent to 8.70 percent.

One month MCLR has been increased by 5 bps from 8.70 percent to 8.75 percent.

The three-month MCLR has also been increased by 5 basis points to 8.95 percent from the previous 8.90 percent.

Six month MCLR is only 9.15 percent. There has been no change in this.

MCLR for period more than one year is 9.20 percent. There has been no change in this either.

MCLR has been increased from 9.20 percent to 9.25 percent for periods more than 2 years.

MCLR remains at 9.25 percent for a period of more than 3 years. There has been no change in this.

New rates have come into effect from today 7th December 2023

Various factors are taken into consideration while deciding MCLR including deposit rate, repo rate, operational cost and cost of maintaining cash reserves ratio. Changes in repo rate affect the MCLR rate. However, the bank has made changes in MCLR even before any decision on the repo rate is taken. MCLR also affects loan interest rates, due to which the EMI of borrowers increases. These new rates have come into effect from today, December 7, 2023.

EMI of auto loan, home loan and personal loan will increase

The effect of increase in MCLR will be seen on the interest rates of all types of loans related to it including home loan, auto loan, personal loan. Loan customers will have to pay more EMI than before. Customers taking new loan will get expensive loan i.e. loan at higher interest.

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State Bank of India (SBI) has revised its locker rent and locker services charges which vary depending on the location and size of the locker. SBI is requesting its locker customers ( SBI Locker Rent) to contact their locker holding branch and follow the procedure to implement the revised or supplementary locker agreement.

The Reserve Bank of India has directed all banks to ensure that by June 30, 2023, at least 50% of their locker customers should have signed the new agreement. Whereas, by December 31, the revise agreement compliance percentage is to be zero. Regarding this, SBI has asked its locker customers to go to their branch immediately and complete the process of signing the revise agreement etc.

SBI Locker Rent Latest Rates

SBI offers 3 types of lockers to its customers and all three have different rates.

SBI’s Small Locker Rent Charges

The bank charges Rs 2000 + GST ​​for urban and metro customers and Rs 1500 + GST ​​for rural and semi-urban customers.

SBI’s medium locker rent charge

SBI Bank charges Rs 4000 + GST ​​for urban and metro customers and Rs 3000 + GST ​​for rural and semi-urban customers.

SBI’s Large Locker Rent Charges

State Bank of India charges Rs.8000+GST for urban and metro customers and Rs.6000+GST for rural and semi-urban customers.

SBI XL Locker Rent Charges

SBI charges Rs 12,000 + GST ​​for urban and metro customers and Rs 9000 + GST ​​for rural and semi-urban customers.

SBI has also revised the charges for these locker related services-

locker visit charge
locker rent overdue charge
Charge for breaking the lock of locker
safe custody charge

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The interest rate has been increased on FDs of less than Rs 2 crore. The bank has increased the interest on special FDs of 444 days. The bank said that after this amendment, interest of 7.05 will be available on the special scheme of 444 days for general customers.

Additional benefit of 50 basis points to senior citizens

Senior citizens will get an additional benefit of 50 basis points in interest. The interest rate for them has been increased to 7.55 percent. For general customers, the interest rates on other term deposits maturing in 7 days to 10 years are between 3 percent to 6.75 percent. The revised interest rates are applicable for Domestic, NRO and NRE deposits.

6% interest on 1 year FD

If you get FD done in Bank of India, then you will get 4.50% interest on FD of 46-179 days. 5 percent on 180-269 days, the interest rate on FDs ranging from 1 year to less than 2 years has gone up to 6 percent. The interest on FD of 444 days has now gone up to 7.05 per cent.

6% return on FD of 5-8 years

The interest rate on FDs ranging from 2 years to less than 3 years has gone up to 6.75 percent. The interest on FDs ranging from 3 years to less than 5 years has gone up to 6.50 per cent. Interest rate has been increased to 6% on FDs from 5 years to less than 8 years and 6% on FDs from 8 years to 10 years.

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There are five banks that are offering 8.5% or more interest on FDs to senior citizens. Many other banks are offering interest of 8% or more per annum. However, it is to be noted that higher interest does not mean that these senior citizens are better than small savings. Here you have to check FD tenure and other benefits. Let us know about the rates of these banks.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is offering 8.75% interest on 80 weeks (560 days) deposits to senior citizens. The bank is offering 8.5% interest on deposits of 990 days. These rates are applicable from 5 November.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is offering 8.5% interest on 700 days deposit to senior citizens. The bank is paying 8.25% interest on FDs of 5 years from 701 days. These rates are applicable from 17 October 2022.

Jana Small Finance Bank

Jana Small Finance Bank is offering 8.5% interest on deposits of 2 to 3 years to senior citizens. The bank is paying 8.45% on deposits of 1 to 2 years and 8.3% on deposits of 3 years to less than five years. These rates are applicable from 14 October 2022.

Fincare Small Finance Bank

Fincare Small Finance Bank is offering 8.5% interest on 1000 days deposit to senior citizens. The bank is offering 8.25% interest on deposits of 750 days and 8% on deposits of 500 days. These new rates are applicable from 9 November.

ESAF Small Finance Bank

ESAF Small Finance Bank is offering 8.5% interest on 999 days deposit to Senior Citizens. The bank is offering 7.75% interest on deposits from 1000 days to less than three years and from 2 years to 998 days. These rates are applicable from 1 November 2022.

Unity Small Finance Bank

Unity Small Finance Bank is offering 8.3% interest on 1 year 1 day deposit to senior citizens. The bank is offering 8.15% interest on deposits of 2 to 5 years. Bank rates are applicable from 1st November.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering 8.26% interest on 999 days deposit to senior citizens. The bank is paying 8.01% interest on deposits of 1 year to 998 days. These rates are applicable from 2 November.

DCB Bank (DCB Bank)

DCB is offering 8.25% interest on FDs of 700 days to 36 months and FDs of 26 months to senior citizens. The bank is offering 7.75% interest on deposits ranging from 36 months to 60 months to 5 years. These rates will be applicable from October 31.

Equitas Small Finance Bank

Equitas Small Finance Bank is offering 8% interest on deposits for 888 days to senior citizens. The bank is offering 7.9% interest on deposits of 2 years 1 day to 887 days and 889 days to 3 years. These rates are applicable from 15 October.

Bandhan Bank

Bandhan Bank is offering 8% interest on 600 days deposit to senior citizens. The bank is offering 7.5% interest on deposits of 2 to 5 years. These are applicable from 7 November.

AU Small Finance Bank

AU Small Finance Bank is offering 8.24 per cent interest on term deposits of 24 months to 45 months to senior citizens. These rates are applicable from 10 October.

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HDFC Bank FD rate: HDFC Bank , which is counted as the country’s largest private sector bank, has once again increased the interest rates on FDs of less than Rs 2 crore. The bank has increased the interest rates by 50 basis points i.e. 0.50 percent. This increase has been made on FDs maturing in 61 days to 89 months. Now it is getting interest of 4.50 percent which was 4 percent earlier. FDs of 90 days to 6 months will get 4.50 percent interest, which was 4.25 percent earlier. It has been increased by 0.25%. These new rates have come into effect from 26 October 2022.

Now these are the new rates of HDFC Bank

7 days to 14 days: for general public – 3.00 percent; For Senior Citizen – 3.50 percent

15 days to 29 days: for general public – 3.00 percent; For Senior Citizen – 3.50 percent

30 days to 45 days: for general public – 3.50 percent; For Senior Citizen – 4.00 percent

46 days to 60 days: for general public – 4.00 percent; For Senior Citizen – 4.50 percent

61 days to 89 months: for general public – 4.50 percent; For Senior Citizen – 5.00 percent

90 days to 6 months: for general public – 4.50 percent; For Senior Citizen – 5.00 percent

6 months 1 day to 9 months: for general public – 5.25 percent; For Senior Citizen – 5.75 percent

9 months 1 day to less than 1 year: For general public – 5.50 percent; For Senior Citizen – 6.00 percent

1 year to 15 months: for general public – 6.10 percent; For Senior Citizen – 6.60 percent

15 months to less than 18 months: for general public – 6.15 percent; For Senior Citizen – 6.65 percent

18 months to 2 years: for general public – 6.15 percent; For Senior Citizen – 6.50 percent

2 years 1 day to 3 years: for general public – 6.25 percent; For Senior Citizen – 6.75 percent

3 years 1 day to 5 years: for general public – 6.25 percent; For Senior Citizen – 6.75 percent

5 years 1 day to 10 years: for general public – 6.20 percent; For Senior Citizen – 6.95 percent.

Senior citizens will get more benefits

Senior citizens will be given an additional premium of 0.25% (over and above the existing premium of 0.50%) on FDs maturing in 5 years from one day to 10 years. According to the HDFC Bank website, this offer is not applicable to Non-Resident Indians (NRIs).

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PNB FD Rate: After the increase in FD interest rates last week, Punjab National Bank (PNB) has once again increased the interest on FD. The bank has again increased the FD interest rates on deposits below Rs 2 crore. These new rates have come into effect from 26 October. PNB Bank will now offer interest at the rate of 4.50 percent on FDs of 46 days to 90 days. The bank has increased it by 75 basis points. It will now offer an interest rate of 5.50 per cent on FDs ranging from 180 days to less than a year. Earlier, interest of 5 per cent was being available on this.

Now these are the new rates

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