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In line with the industry trend, HDFC Bank has decided to hike lending rates by 55 basis points and deposits rates by up to 125 basis points. Base Rate, or the minimum lending rate, would go up by 55 basis points to 9.25 per cent, sources said.
Even, the benchmark prime lending rate (BPLR) will be revised by 50 basis points to 17.75 per cent from existing 17.25 per cent.
Deposit rates across select maturities will be revised upwards by 25-125 basis points effective from Thursday, sources added.
The Mumbai-based bank last raised its base rate by 50 basis point to 8.70 per cent on March 13.
Several banks such as Punjab National Bank, ICICI Bank and Oriental Bank of Commerce raised base rate by 50 basis points after the Reserve Bank hiked short-term key rates in its annual credit policy on May 3.
On Tuesday, the country's largest lender SBI raised base rate and BPLR by 75 basis points to 9.25 per cent and 14 per cent respectively.
As far as fixed deposits are concerned, HDFC Bank is likely to raise rates by 25-125 basis points on select maturities.
Fixed deposits below Rs 15 lakh with maturity between 46-60 days will earn 6.25 per cent interest rate.
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