Foreign lender HSBC has announced a hike in its lending rates by 50 bps. The base rate of the bank now stands at 9.75% as compared to 9.25% earlier.

With this hike, all loans would also see a rise in effective lending rates. The effective lending rates have however not been disclosed so far.

The lender has also raised its NRO/resident fixed deposit rates.

The deposit rates for the 365 days deposit has been raised by 50 bps. Thus general citizens would receive 9% interest on 1 year deposit while senior citizens would be able to avail 9.5%.