|
|
The premier home loan financier of India, HDFC, has trimmed its deposit rates by up to 0.25% across various maturity periods which will have an immediate effect on all its customers.
The spokesperson for the HDFC told the media that the reduction in the deposit rates will take immediate effect.
HDFC Bank is the second largest private loan provider in Indi. They have also cut down the deposit rates by 0.25%. The spokesperson for HDFC Bank, Mr. Paresh Suthankar told the media that the reduction of the deposit rate has been taken up by the bank in response to the current market trend. He also mentioned that this step which will be effective from 19 June, 2009, Friday, has been taken up by the bank considering the developments that are happening in the market in the recent past.
The other loan providers who had cut off their deposit rates in the recent past include State Bank Of India, the largest bank of the nation as well as the second largest loan provide, ICICI Bank.
The ICICI Bank had reduced the deposit rates by about 0.25% to 0.5% across various levels of maturities all over India whereas State bank of India had reduced their deposit rates by 0.25% on all the tenures. The reduced deposit rates of ICICI have been effective since May, 2009 where as the new rates of SBI has been in effect from 15 June, 2009.
