HDFC Bank reduces lending rates on select tenures: Who will benefit?

HDFC Bank has lowered its Marginal Cost of Funds-based Lending Rates (MCLR) on select tenures by up to 5 basis points (bps), which is great news for borrowers whose loans are linked to this regime. On the flip side, the bank has raised MCLR by 5 bps for one specific tenure. Just so you know, a basis point is one-hundredth of a percentage point. The revised HDFC Bank MCLR rates will be applicable from May 7, 2026, according to the information available on the bank's official website.

Following the revision, HDFC Bank's MCLR rates now range from 8.05% to 8.60%, depending on the loan tenure. Earlier, HDFC Bank's MCLR rates were in the range of 8.10% to 8.55%.

Latest HDFC lending rates

The bank has revised its MCLRs for certain tenors compared to the last rate adjustments on April 7, 2026. The overnight, one-month, three-month and six-month MCLR rates have all dropped by 5 basis points. Now, the overnight and one-month MCLRs are at 8.05%, down from 8.10%. The three-month rate has decreased to 8.15% from 8.20%. The six-month MCLR is down to 8.30% from 8.35%.


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On the other hand, the one-year and two-year MCLR rates have remained unchanged at 8.35% and 8.45%, respectively. In contrast, the three-year MCLR has gone up by 5 basis points to 8.60% from 8.55%.

HDFC Bank MCLR rates (applicable from May 7, 2026)

Tenor	MCLR
Overnight	8.05%
1 Month	8.05%
3 Month	8.15%
6 Month	8.30%
1 Year	8.35%
2 Year	8.45%
3 Year	8.60%

HDFC Bank MCLR rate comparison table (Old vs New)

Tenor	MCLR (Latest)	MCLR (April 7, 2026)	Change
Overnight	8.05%	8.10%	0.05%
1 Month	8.05%	8.10%	0.05%
3 Month	8.15%	8.20%	0.05%
6 Month	8.30%	8.35%	0.05%
1 Year	8.35%	8.35%	No change
2 Year	8.45%	8.45%	No change
3 Year	8.60%	8.55%	up 0.05%

What is MCLR?

MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the RBI. The RBI introduced MCLR in 2016.

HDFC Bank base rate

The current HDFC Bank base rate is 8.80%, effective from December 26, 2025.

HDFC Bank benchmark PLR

Effective December 26, 2025, HDFC Bank's benchmark PLR (BPLR) is 17.30% p.a.

HDFC Bank latest FD interest rates

HDFC Bank revised its fixed deposit (FD) interest rates effective March 6, 2026. The bank is offering FD interest rates from 2.75% and 6.50% to general customers and from 3.25% to 7% to senior citizens. Effective March 6, HDFC Bank increased the FD interest rate by 10 basis points (bps) from 6.40% to 6.50% on tenures of 3 years 1 day to less than 4 years 7 months. For the same FD tenures for senior citizens, HDFC Bank also increased the interest rate from 6.90% to 7%.