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The second largest private sector lender HDFC Bank on Monday followed its bigger peers to increase the base rate by 25 basis points to 9.5 per cent and the benchmark prime lending rate to 18 per cent, a source familiar with the development told PTI.
The new rates will be applicable from Tuesday, the source said. The bank has also increased it deposit rate for the one-year 16-days bucket by 75 bps to 9.25 from 8.50 per cent.
Almost all the lenders have increased their rates by 25 bps after the RBI increased the key policy rates by 25 bps at its mid-quarter review on July 16, which was the 10th successive hike since March 2010, to tame inflation.
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