HDFC BANK CUTS MCLR BY UP TO 10 BPS ACROSS TENURES

HDFC Bank has reduced its Marginal Cost of Funds-based Lending Rates (MCLR) by up to 10 basis points (bps) across select tenures, offering potential relief to borrowers whose loans are linked to the MCLR regime. The revised rates will be effective from September 7, 2026. The bank has cut its overnight and one-month MCLR by 10 bps each to 7.90%, from 8.00% previously. The three-month MCLR has also been reduced by 10 bps to 8.05%, from 8.15%. For the six-month tenure, HDFC Bank has lowered the MCLR by 5 bps. The one-year MCLR has similarly been cut by 5 bps. The bank has reduced the two-year MCLR by 10 bps, while the three-year MCLR has been lowered by 5 bps. Overall, HDFC Bank's MCLR reduction ranges between 5 and 10 bps across all listed tenures in September 2026. However, a change in MCLR does not necessarily translate into an immediate change in home-loan EMIs. The impact depends on whether a borrower's loan is linked to MCLR and the date on which the interest rate is due for reset. Borrowers with MCLR-linked loans may see their interest rates and EMIs change after the applicable reset date. Newer floating-rate home loans are generally linked to an external benchmark, meaning changes in MCLR may not directly impact their EMIs. Meanwhile, following the latest revision, HDFC Bank is offering senior citizens an FD interest rate of up to 7.10% on deposits with a tenure of 3 years 1 day to less than 4 years 7 months. The rate was previously 7% for the same tenure bracket.