Housing Development Finance Corporation (HDFC) Bank decided on 29 June 2012 to cut its base rate by 0.2 percent to make loans cheaper to customers. The existing HDFC base rate was 10 percent, now it will become 9.8 percent. Base rate is the standard rate below which a bank cannot offer loan. The new rates would be effective from on 30 June 2012.
HDFC Bank is the first bank to cut its base rate after Reserve Bank of India (RBI). The short-term base rate of HDFC at 8 percent is being unchanged. While the cash reserve ratio (CRR) which is deposited by banks to RBI is at 4.75 percent.
HDFC is the largest investment company in India. It was founded by Hasmukhbahi Parekh in 1977. HDFC offers number of services of personal banking services including savings and current accounts, credit cards, loans, investment etc.
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