Private sector major bank HDFC has announced a cut of up to 10 basis points in its MCLR for individual tenures. The bank has also given information on its website. For the 6-month MCLR, 5 basis points have been reduced, after which it has increased to 8.1 percent. It is also being reduced to 8.3 per cent for a period of 1 year, up to a cut of 5 basis points. Whereas the bank has cut 5 basis points for 2 years tenure and 10 basis points for a period of 3 years is being announced. Now the new rates for both periods are 8.4 percent and 8.5 percent respectively. The revised new rates have come into effect from 7 November.

There is no change in the MCLR for one night, one month and 3 months from the bank. HDFC was last cut in its MCLR in August. The bank then cut about 10 basis points for all tenures.

It is being told that the Reserve Bank of India has cut the repo rate five times since the beginning of this year. The central bank has so far cut a total of 135 basis points. After the central bank cut the repo rate, all banks have been asked to immediately give the benefit of the cut to the consumer. In fact, the RBI had received such a complaint that the entire benefit of cutting the bank repo rate is not being given to the consumer.

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