HDFC Bank, Canara Bank cuts MCLR rates

HDFC Bank, Canara Bank has also cut their benchmark lending rates in tandem with several other lenders. While HDFC Bank has reduced its Marginal cost of funds based lending rates (MCLR) to 8.15 per cent from 8.9 per cent for a period of 1 year. The new rates are effective from January 7th. The bank has reduced its MCLR by 0.75-0.90 basis points across different maturities.

Canara bank has also reduced it one-year MCLR to 8.45 per cent from 9.15 per cent. This reduction in lending rate comes after the banks have witnessed a surge in deposits after demonetisation.