Private lender Axis Bank increased its base rate by 25 basis points (bps) to 10.25%. The new base rate will be effective from Monday.
HDFC Bank had increased base rate by 20 bps to 9.8% from 9.6% earlier this month. Andhra Bank had revised its minimum lending rate by 25 bps to 10.25%. The bank also raised its benchmark prime lending rate by 25 bps to 14.50% from 14.25%. YES Bank had raised minimum lending rate by 25 basis points to 10.75%.
Some banks have also tinkered their deposit rates following measures by RBI to arrest the fall in rupee, which resulted in tightened liquidity and threatened to hit banks margins due to a spike in wholesale deposit rates.
ICICI Bank revised its deposit rate across a number of buckets on Friday. Deposit rates in 61-289 day bucket were hiked by 75 basis points (bps) while deposit rates on the 290 days to 1-year bucket have been raised by 50 bps to 7.75% each. Rates on the 1-year to 389-day deposits have been hiked by 50 bps to 8%.
Earlier, HDFC Bank and Axis Bank had raised fixed deposit rates by up to 4%. HDFC Bank has raised fixed deposit rates by 1% for maturities between 15 days to 6 months one day effective July 27, the bank?s website said. Axis Bank had announced a much steeper hike in some buckets of upto 400 basis points.