Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their <a href="http://www.wionews.com/business-economy/six-of-top-10-companies-lose-rs-54916-crore-in-m-cap-182615">market valuation </a>last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains.

The <a href="http://www.wionews.com/business-economy/markets-close-in-green-sensex-rises-77-points-185065">marke</a>t capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore.

Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore.

Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore.

On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore.

SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. 
In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki.

Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore.

Six of the 10 most-valued Indian companies suffered a combined erosion of Rs 89,531.31 crore from their market valuation last week, with Tata Consultancy Services (TCS) alone accounting for over Rs 34,000 crore. Reliance Industries (RIL), HUL, Infosys, Kotak Mahindra Bank and Maruti Suzuki were also among the losers, while HDFC Bank, ITC, HDFC and State Bank of India (SBI) finished the week ended Friday with gains. The market capitalisation (m-cap) of TCS slumped Rs 34,521.94 crore to Rs 7,11,921.19 crore and that of Infosys plunged Rs 26,143.34 crore to Rs 2,82,105.44 crore. Valuation of Hindustan Unilever Ltd (HUL) dived Rs 11,515.94 crore to Rs 3,90,416.08 crore and RIL tanked Rs 8,493.67 crore to Rs 6,96,195.94 crore. Also, Kotak Mahindra Bank's m-cap declined Rs 5,311.51 crore to Rs 2,34,087.97 crore, while Maruti Suzuki stood at Rs 2,27,670.19 crore with a loss of Rs 3,544.91 crore. On the other hand, HDFC added Rs 7,823.28 crore to its m-cap to reach Rs 3,35,165.94 crore and HDFC Bank soared Rs 4,825.33 crore to Rs 5,74,009.79 crore. SBI went up by Rs 2,231.15 crore to reach Rs 2,60,285.60 crore and ITC's valuation stood at Rs 3,38,575.91 crore with a gain of Rs 1,040.83 crore. In the ranking of top-10 firms in terms of m-cap, TCS stood at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and Maruti Suzuki. Over the last week, the Sensex declined 220.86 points to end at 35,742.07.

Top six companies lose Rs 89,531 crore in market cap last week

The BSE Sensex rebounded over 83 points in opening trade today, breaking its five-session losing streak on value-buying in select blue-chips amid a strengthening rupee.

Overseas, most Asian shares were trading higher, tracking strong closing in the US market overnight as investors applauded easing of trade tensions between the US and China, traders said.

The 30-share BSE index jumped 83.74 points, or 0.24 per cent, to 34,699.87 in early trade.&nbsp;

The NSE Nifty too rose by 24.25 points, or 0.23 per cent, to 10,540.95.

Sectoral indices, including capital goods, consumer durables, infrastructure and oil and gas, advanced up to 0.46 per cent.

The Sensex had lost 940.58 points in the previous five sessions as investors rushed to unwind bets following post-poll instability in Karnataka amid discouraging global cues.

Domestic institutional investors (DIIs) made purchases worth Rs 1,190.56 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore yesterday, as per provisional data.

Major gainers were Dr Reddy's, Bajaj Auto, ONGC, Coal India, Tata Motors, HDFC Bank, NTPC, L&T and HDFC Ltd, rising up to 1.47 per cent.

Among the Asian bourses, Singapore was up by 0.04 per cent, Taiwan inched up 0.08 per cent, while Japan's Nikkei shed 0.01 per cent and Shanghai Composite Index fell 0.47 per cent in early trade.

The US Dow Jones Industrial Average ended 1.21 per cent higher yesterday.

Overseas, most Asian shares were trading higher, tracking strong closing in the US market overnight as investors applauded easing of trade tensions between the US and China

The BSE Sensex rebounded over 83 points in opening trade today, breaking its five-session losing streak on value-buying in select blue-chips amid a strengthening rupee. Overseas, most Asian shares were trading higher, tracking strong closing in the US market overnight as investors applauded easing of trade tensions between the US and China, traders said. The 30-share BSE index jumped 83.74 points, or 0.24 per cent, to 34,699.87 in early trade. The NSE Nifty too rose by 24.25 points, or 0.23 per cent, to 10,540.95. Sectoral indices, including capital goods, consumer durables, infrastructure and oil and gas, advanced up to 0.46 per cent. The Sensex had lost 940.58 points in the previous five sessions as investors rushed to unwind bets following post-poll instability in Karnataka amid discouraging global cues. Domestic institutional investors (DIIs) made purchases worth Rs 1,190.56 crore while foreign portfolio investors (FPIs) sold shares worth a net Rs 496.03 crore yesterday, as per provisional data. Major gainers were Dr Reddy's, Bajaj Auto, ONGC, Coal India, Tata Motors, HDFC Bank, NTPC, L&T and HDFC Ltd, rising up to 1.47 per cent. Among the Asian bourses, Singapore was up by 0.04 per cent, Taiwan inched up 0.08 per cent, while Japan's Nikkei shed 0.01 per cent and Shanghai Composite Index fell 0.47 per cent in early trade. The US Dow Jones Industrial Average ended 1.21 per cent higher yesterday.

Sensex breaks losing streak, opens in the green

India&#39;s market regulator ordered HDFC Bank on Friday, to conduct an internal inquiry into the suspected leaking of key unpublished financial information and to strengthen its handling of such data.

The direction from the Securities and Exchange Board of India (SEBI) comes in the wake of an investigation that the regulator opened following a Reuters report late last year that prescient messages about company results and other matters had circulated in private WhatsApp chatrooms before their official release.

Reuters identified 12 such instances on as many companies in the report, HDFC Bank was among the companies identified.

The lender`s financial information &quot;circulated in WhatsApp closely matched the quarterly financial results of HDFC Bank for June 2017&quot;, the regulator said on Friday.

This could not have been possible without the &quot;leakage of information&quot; from a person, or people, privy to the information, SEBI said.

It said this pointed to the inadequacy of the processes and systems that HDFC Bank has in place.

HDFC Bank, the biggest of the Indian private sector lenders and second-biggest overall by assets, has been ordered to investigate the issue and take action against those responsible within three months and report back to SEBI.

An HDFC Bank spokesman said he had yet to read the order, but added the bank would comply with it.

&quot;We`re a conscientious, law-abiding company with the highest standards of corporate governance,&quot; he said.

SEBI had sent a direction to Axis Bank on the issue in December asking it to conduct a similar inquiry. The bank said it would work with SEBI to investigate the matter and take action as needed.

The Reuters report has sparked a broad SEBI investigation since December, including raids on brokers` homes that resulted in the confiscation of laptops and mobile phones.&nbsp;

India's market regulator ordered HDFC Bank on Friday, to conduct an internal inquiry into the suspected leaking of key unpublished financial information and to strengthen its handling of such data

India's market regulator ordered HDFC Bank on Friday, to conduct an internal inquiry into the suspected leaking of key unpublished financial information and to strengthen its handling of such data. The direction from the Securities and Exchange Board of India (SEBI) comes in the wake of an investigation that the regulator opened following a Reuters report late last year that prescient messages about company results and other matters had circulated in private WhatsApp chatrooms before their official release. Reuters identified 12 such instances on as many companies in the report, HDFC Bank was among the companies identified. The lender`s financial information "circulated in WhatsApp closely matched the quarterly financial results of HDFC Bank for June 2017", the regulator said on Friday. This could not have been possible without the "leakage of information" from a person, or people, privy to the information, SEBI said. It said this pointed to the inadequacy of the processes and systems that HDFC Bank has in place. HDFC Bank, the biggest of the Indian private sector lenders and second-biggest overall by assets, has been ordered to investigate the issue and take action against those responsible within three months and report back to SEBI. An HDFC Bank spokesman said he had yet to read the order, but added the bank would comply with it. "We`re a conscientious, law-abiding company with the highest standards of corporate governance," he said. SEBI had sent a direction to Axis Bank on the issue in December asking it to conduct a similar inquiry. The bank said it would work with SEBI to investigate the matter and take action as needed. The Reuters report has sparked a broad SEBI investigation since December, including raids on brokers` homes that resulted in the confiscation of laptops and mobile phones.

Indian regulator orders HDFC Bank to probe suspected results leak

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues.

The broader NSE Nifty too went past the 10,200-level.

The 30-share Sensex was trading higher by 190.36 points, or 0.57 per cent, at 33,139.57, with all sectoral indices in the green, led by consumer durables, bank, metal and auto.

The gauge had rallied 352.03 points yesterday.

The NSE Nifty too rose 60.65 points, or 0.59 per cent, at 10,227.35 in early trade today.

Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here.

Prominent gainers included Tata Motors, Bharti Airtel, Adani Ports, ICICI Bank, Axis Bank, Maruti Suzuki, ONGC, HDFC Bank, HDFC Ltd, Bajaj Auto, Wipro, TCS, Cipla and SBI, gaining up to 1.68 per cent.

Japan&#39;s Nikkei was up 1.22 per cent while Hong Kong&#39;s Hang Seng rose 0.57 per cent in early trade today. Shanghai Composite, however, shed 0.08 per cent.

The US Dow Jones Industrial Average ended 0.29 per cent higher in yesterday&#39;s trade.&nbsp;

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues.

Benchmark BSE Sensex regained the key 33,000 mark at the start of trading today after buying by retail investors and domestic institutions gathered momentum amid strong global cues. The broader NSE Nifty too went past the 10,200-level. The 30-share Sensex was trading higher by 190.36 points, or 0.57 per cent, at 33,139.57, with all sectoral indices in the green, led by consumer durables, bank, metal and auto. The gauge had rallied 352.03 points yesterday. The NSE Nifty too rose 60.65 points, or 0.59 per cent, at 10,227.35 in early trade today. Brokers said unabated buying by retail and domestic institutional investors and a firm trend in other Asian markets influenced sentiment here. Prominent gainers included Tata Motors, Bharti Airtel, Adani Ports, ICICI Bank, Axis Bank, Maruti Suzuki, ONGC, HDFC Bank, HDFC Ltd, Bajaj Auto, Wipro, TCS, Cipla and SBI, gaining up to 1.68 per cent. Japan's Nikkei was up 1.22 per cent while Hong Kong's Hang Seng rose 0.57 per cent in early trade today. Shanghai Composite, however, shed 0.08 per cent. The US Dow Jones Industrial Average ended 0.29 per cent higher in yesterday's trade.

Sensex reclaims 33,000-mark, up 190 points

The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI&#39;s policy announcement later in the day.

The rupee&#39;s weakness against the dollar too dampened the overall mood.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent.

The gauge had lost 67.28 points in the previous session.

The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10.

Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged.

Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro.

Among the Asian bourses, Hong Kong&#39;s Hang Seng was down 1.12 per cent while Japan&#39;s Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37

The benchmark BSE Sensex fell further by 100 points in early trade today due to selling in interest-sensitive stocks ahead of RBI's policy announcement later in the day. The rupee's weakness against the dollar too dampened the overall mood. The 30-share index fell 100.07 points, or 0.30 per cent, to 32,702.37, with sectoral indices of banking, auto, metal and PSU trading dropping up to 1.76 per cent. The gauge had lost 67.28 points in the previous session. The NSE Nifty too shed 39.15 points, or 0.38 per cent, to settle at 10,079.10. Brokers said sentiment remained somewhat subdued as investors kept their positions at a low ebb amid expectation that the central bank may keep rates unchanged. Major losers were SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Tata Steel, ITC Ltd and Wipro. Among the Asian bourses, Hong Kong's Hang Seng was down 1.12 per cent while Japan's Nikkei shed 0.90 per cent. Shanghai Composite Index too fell 0.61 per cent in early trade today. The US Dow Jones Industrial Average ended 0.45 per cent lower yesterday.

Sensex down 100 points as RBI policy decision looms

HDFC Standard Life Insurance Company&rsquo;s Initial Public Offer or IPO will open on Tuesday. Ahead of its opening, the company&nbsp;raised Rs 2,322 crore from anchor investors, it said in a statement on Monday.

The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius.

Singapore&#39;s sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing.

The shares have been allocated at the upper price band of Rs 290 apiece.

The company&#39;s executive committee and the promoter selling shareholders in consultation with the manager to the offer have finalised allocation of 80,068,600 shares to anchor investors, the filing submitted to the NSE said.

Price band for the offer has been fixed at Rs 275-290 per share.

At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.

HDFC Standard Life Insurance Company?s Initial Public Offer or IPO will open on Tuesday. Ahead of its opening, the company raised Rs 2,322 crore from anchor investors, it said in a statement on Monday.

HDFC Standard Life Insurance Company’s Initial Public Offer or IPO will open on Tuesday. Ahead of its opening, the company raised Rs 2,322 crore from anchor investors, it said in a statement on Monday. The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55 per cent stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42 per cent, holding by Standard Life Mauritius. Singapore's sovereign wealth fund Temasek, Norwegian fund Norges, Kuwait Investment, T Rowe Price, Fidelity, Blackrock and JP Morgan are among the anchor investors, according to a regulatory filing. The shares have been allocated at the upper price band of Rs 290 apiece. The company's executive committee and the promoter selling shareholders in consultation with the manager to the offer have finalised allocation of 80,068,600 shares to anchor investors, the filing submitted to the NSE said. Price band for the offer has been fixed at Rs 275-290 per share. At present, HDFC owns 61.41 per cent stake in HDFC Standard Life and Standard Life has about 34.86 per cent stake, while the remaining is with employees and PremjiInvest.

HDFC Life IPO opens for subscription today

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day.

Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month.

Investors have been eagerly awaiting the last quarter&#39;s results after strong gains in share markets this year pushed valuations for the NSE index&#39;s price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8.

The results also come at a time when the economy has slowed to a more than three-year low due&nbsp;to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax.

&quot;People are expecting earnings to match the valuations this quarter,&quot; said Jayant Manglik, president, Religare Securities.

&quot;This will be a litmus test for financial stocks to see the final effect of demonetisation.&quot;

The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd.

The Sensex was 0.33 per cent higher at 32,614.44.

Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months.

The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday&#39;s close.

Indiabulls Housing Finance Ltd&#39;s shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax

The Sensex and Nifty rose for a second consecutive session on Tuesday, as expectations of good earnings lifted industry heavyweights such as HDFC Bank Ltd and Infosys Ltd ahead of their results later in the day. Shares of HDFC Bank and Infosys gained 0.4 per cent each. Earnings so far for the July-September quarter have proved to be solid, lifting indexes to record highs earlier this month. Investors have been eagerly awaiting the last quarter's results after strong gains in share markets this year pushed valuations for the NSE index's price-to-earnings (PE) ratio to 21.3, well above the historic five-year average of 16.8. The results also come at a time when the economy has slowed to a more than three-year low due to the lingering impact of a ban on high-value currency notes late last year and the rollout of a national goods and services tax. "People are expecting earnings to match the valuations this quarter," said Jayant Manglik, president, Religare Securities. "This will be a litmus test for financial stocks to see the final effect of demonetisation." The Nifty was up 0.35 per cent at 10,220.85 as of 0539 GMT, driven by HDFC Bank and ICICI Bank Ltd. The Sensex was 0.33 per cent higher at 32,614.44. Oil and Natural Gas Corp. Ltd was the top percentage gainer on the NSE index, rising as much as 3.2 per cent to its highest in over four months. The Nifty PSU bank index was trading 1.1 per cent higher, having fallen 1.4 per cent this month, up to Monday's close. Indiabulls Housing Finance Ltd's shares rose as much as 2.1 per cent after its second-quarter profit jumped nearly 26 pct and at least two brokerages raised their target price.

Sensex, Nifty gain in early trade, sentiment positive ahead of HDFC Bank, Infosys results

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction.&nbsp;

The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions.&nbsp;

HDFC made the announcement today in a circular. The charges will be effective immediately.&nbsp;

Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January.&nbsp;

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Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM&#39;s (WION)
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HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person&#39;s home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150.&nbsp;ICICI has kept the third party limit at Rs 50,000 per day.

For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter.&nbsp;

At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

However, there is still no information on whether the public sector banks will also impose these new charges.

(WION with PTI inputs)

The banks will charge a minimum of Rs 150 on every cash deposit and withdrawal after the first four transactions

After four cash deposits or withdrawals a month, HDFC bank will charge customers a minimum of Rs 150 on every cash transaction. The charges will be levied on both savings and salary accounts but they will be applicable only on cash transactions at bank branches, not on ATM transactions. HDFC made the announcement today in a circular. The charges will be effective immediately. Some other banks, including ICICI bank and Axis bank, had started imposing the fee in early January. Banks such as ICICI and Axis had already levied the charges in January, whereas HDFC has now done the same. The charges will be applicable only on cash transactions at bank branches and not ATM's (WION) × HDFC has also decided to cap third party cash transactions at Rs 25,000 per day, while cash handling charges have been withdrawn. For basic accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits. ICICI bank website stated there will be no charge for first four transactions in a month at branches in a person's home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. or non-home branches, ICICI bank would not charge anything for first cash withdrawal during the month but Rs 5 per thousand rupees would be levied thereafter, subject to a minimum of Rs 150. ICICI has kept the third party limit at Rs 50,000 per day. For cash deposits elsewhere, ICICI bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at cash acceptance machine would be free of charge for first cash deposit in the month and Rs 5 per thousand thereafter. At Axis bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher. However, there is still no information on whether the public sector banks will also impose these new charges. (WION with PTI inputs)

HDFC, ICICI, Axis Bank to impose charges on cash transactions

Faced with liquidity comfort, major lenders, including ICICI and HDFC Bank, today lowered FD rates by up to 0.25 per cent in view of surge in deposits following the demonetisation.

The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days.

For fixed deposit between 390 days to 2 years, the banks has lowered the interest rate by 0.15 per cent effective yesterday, ICICI Bank website showed. ICICI Bank will pay 7.10 per cent as against 7.25 per cent earlier.

Meanwhile, HDFC Bank has reduced interest rate by 0.25 per cent across all tenures on bulk deposits ranging between Rs 1-5 crore. The new rates are effective today, as per HDFC Bank website.

With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier.

For fixed deposits between &#39;3 years 1 day-5 years&#39;, the rate has been lowered to 6.5 per cent from 6.75 per cent.

Yesterday, the country&#39;s largest lender SBI slashed fixed deposit rates on select maturities by up to 0.15 per cent.

Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 per cent.

Till yesterday, SBI collected Rs 1,14,139 crore in deposits over the last seven days after the government announced to scrap Rs 500 and Rs 1,000 notes.

(PTI)

&nbsp;

The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days

Faced with liquidity comfort, major lenders, including ICICI and HDFC Bank, today lowered FD rates by up to 0.25 per cent in view of surge in deposits following the demonetisation. The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days. For fixed deposit between 390 days to 2 years, the banks has lowered the interest rate by 0.15 per cent effective yesterday, ICICI Bank website showed. ICICI Bank will pay 7.10 per cent as against 7.25 per cent earlier. Meanwhile, HDFC Bank has reduced interest rate by 0.25 per cent across all tenures on bulk deposits ranging between Rs 1-5 crore. The new rates are effective today, as per HDFC Bank website. With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier. For fixed deposits between '3 years 1 day-5 years', the rate has been lowered to 6.5 per cent from 6.75 per cent. Yesterday, the country's largest lender SBI slashed fixed deposit rates on select maturities by up to 0.15 per cent. Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 per cent. Till yesterday, SBI collected Rs 1,14,139 crore in deposits over the last seven days after the government announced to scrap Rs 500 and Rs 1,000 notes. (PTI)

Cash flood: ICICI, HDFC Bank cut fixed deposit rates by 0.25%

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