Hdfc Set To Snip Retail Deposit Rates By 50 Basis Points

The Housing Development Finance Corporation (HDFC) will bring down its retail deposit rates by 50 basis points in the coming week.

This is seen as a precursor to the housing finance major reducing its home loan rates in the near future by a corresponding 50 basis points.

With this fifth reduction in deposit rates, HDFC has reduced the rate of return on fixed retail deposits by 200 basis points within the first 10 months of fiscal 2003.

It last dropped its interest rates on December 9, 2002 by 50 basis points, after revising them by 25 basis points in November, on the heels of the bank rate dropping to 6.25 per cent.

 

With the fifth revision, the rate of return on HDFC