The country's largest private sector housing finance company, HDFC, has reduced its deposit rates by up to 0.25 per cent across various maturities with immediate effect.
Even the HDFC Bank, promoted by the company, has decided to slash its deposit rates by up to 25 basis point with effect from tomorrow.
"The reduction in deposit rates will be by up to 0.25 per cent in various maturities with immediate effect," an HDFC spokesperson said in Mumbai.
India's second largest private sector lender, HDFC Bank has also reduced its deposit rates by up to 0.25 per cent. The reduction will be effective from on Friday, HDFC Bank's Executive Director Paresh Sukthankar said.
"This reduction is in line with the market trends and taking into account the developments happening in the market in the recent past," Sukthankar said.
A host of lenders, including the country's largest bank, SBI and second largest lender, ICICI Bank had recently reduced their deposit rates.
While ICICI Bank had effected the reduction by 0.25-0.5 per cent across select maturities last month, SBI slashed its deposit rates by 0.25 per cent in all tenures effective from June 15.