Image Source : REUTERS/FILE PHOTO The headquarters of HDFC Bank is pictured in Mumbai.
HDFC Bank has announced a scheduled system upgrade on Saturday, July 13, 2024, aimed at enhancing performance speed, increasing capacity, and improving overall system reliability. This upgrade will result in temporary limitations on certain banking services. Customers are advised to plan their banking activities, as some services will be temporarily unavailable during the 13-and-a-half-hour upgrade period.
Upgrade schedule
Date: Saturday, July 13, 2024
Time: 3:00 AM – 4:30 PM (Duration: 13 and a half hours)
Services availability during upgrade
ATMs: Cash withdrawal available with restricted limits.
Payments: HDFC Bank cards can be used in-store, online, and via PayZapp, with restricted limits on debit cards.
UPI: Service available except from 3:00 AM to 3:45 AM and from 9:30 AM to 12:45 PM.
Card Management: Hotlist cards, reset PIN, and other card management services will remain available.
Merchant Payments: Merchants can continue to accept payments.
Interest rate hike
HDFC Bank has announced an increase in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points (bps) effective July 8, 2024. The revised rates will now range between 9.05% and 9.40%, leading to a rise in loan EMIs for borrowers.
New lending rates
The specific changes in the MCLR are as follows:
Overnight Tenure: Increased from 8.95% to 9.05% (+10 bps)
One Month: Increased from 9.00% to 9.10% (+10 bps)
Three Months: Increased from 9.15% to 9.20% (+5 bps)
Six Months: Increased from 9.30% to 9.35% (+5 bps)
One Year: Increased from 9.30% to 9.40% (+10 bps)
Two Years: Increased to 9.40%
Three Years: Increased to 9.40%
What is MCLR?
The Marginal Cost of Funds-Based Lending Rate (MCLR) is the minimum interest rate that a financial institution must charge for a specific loan, serving as the lower limit for the interest rate. This rate is fixed unless otherwise specified by the Reserve Bank of India.
Other HDFC Bank lending rates
Prime Lending Rate: 17.90% p.a., effective from June 18, 2024
Base Rate: Revised to 9.40%, effective from June 18, 2024
HDFC home loan interest rates in July 2024
HDFC Bank offers both adjustable-rate (floating rate) loans and TruFixed loans, where the interest rate remains fixed for an initial period before converting to an adjustable rate. All rates are benchmarked to the Policy Repo Rate, currently at 6.50%.
Special home loan rates for salaried & self-employed
Policy Repo Rate + 2.25% to 3.15%:* 8.75% to 9.65%
Standard home loan rates for salaried & self-employed
Repo Rate + 2.90% to 3.45%:* 9.40% to 9.95%
Customer advisory
Customers are advised to review the updated interest rates and plan their finances accordingly. Further details are available on the HDFC Bank website.
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