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MUMBAI: HDFC Bank, has hiked its prime lending rate (PLR) by 0.75 per cent to 16 per cent. The bank has also increased its deposit rates by 0.5-1 per cent across various maturities. While the PLR hike is with immediate effect, the deposit rate hikes will take effect from July 3 onwards, a senior bank official told PTI here on Monday.

This is the second hike in the bank's PLR in almost a fortnight. It had last hiked its PLR by 0.25 per cent around mid-June.

“We reviewed the situation post the 0.50 per cent hike effected by the Reserve Bank in both the repo and cash reserve ratio (CRR) and decided to hike our PLR and deposit rates in line with prevailing market conditions,'' said Mr Ashish Parthasarathy, Dep uty Treasurer, HDFC Bank. - PTI
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