New Delhi, Feb. 9 -- Private lending major HDFC Bank has increased its Marginal Cost of Funds-based Lending Rate (MCLR) for the overnight tenure by 5 bps from 9.15 per cent to 9.20 per cent. This is effective from February 7, 2025, according to the bank's website.

Rates for all other tenures are unchanged. Overall, HDFC Bank's MCLR is from 9.20 per cent for overnight and one month tenures, to 9.45 per cent for three year tenures.

Notably, HDFC Bank's MCLR rate hike for the overnight tenure has been hiked despite the Reserve Bank of India (RBI) cutting repo rates by 25 bps to 6.25 per cent from 6.50 per cent. The repo rate cut - the central bank's first in five years, was announced by new RBI Governor Sanjay Malhotra on February 7, 2025....