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HDFC Bank MCLR Cut: Will Your EMI Actually Fall? Here's What Borrowers Need To Check
Business

HDFC Bank MCLR Cut: Will Your EMI Actually Fall? Here's What Borrowers Need To Check

A 5-basis-point reduction in HDFC Bank's lending rates may sound like welcome news for borrowers, but it does not necessarily mean cheaper EMIs for everyone. HDFC Bank has lowered its Marginal Cost of Funds-based Lending Rate (MCLR) across most of its listed tenures from August 7, 2026, reported Business Standard. Yet the impact of the move depends on something many borrowers may not immediately check: which benchmark their loan is linked to. For customers with older MCLR-linked loans, the latest reduction could eventually bring some relief. But for most newer floating-rate retail loans, the MCLR change is unlikely to be the direct trigger for a lower interest rate. First Check Your Loan Benchmark The most important thing for an HDFC Bank borrower is not simply the bank's latest MCLR announcement, but the benchmark mentioned in the loan agreement. The Reserve Bank of India (RBI) shifted new floating-rate personal and retail loans to an external benchmark framework from October 2019. Banks can use benchmarks such as the RBI repo rate or specified Treasury bill rates for these loans. This means a borrower with an older MCLR-linked loan and someone with a newer external benchmark-linked loan can be affected differently by the same HDFC Bank announcement. For an MCLR-linked borrower, the latest reduction can matter. But even then, the change in the bank's benchmark does not automatically mean the borrower's interest rate will fall immediately. HDFC Bank's New MCLR Rates HDFC Bank has reduced its MCLR by 5 bps across six of its seven listed tenures. The two-year MCLR has been left unchanged. Tenure Earlier MCLR New MCLR Overnight 8.05% 8.00% 1 month 8.05% 8.00% 3 months 8.20% 8.15% 6 months 8.35% 8.30% 1 year 8.45% 8.40% 2 years 8.55% 8.55% 3 years 8.70% 8.65% The five-bps reduction is equal to 0.05 percentage point. Following the revision, HDFC Bank's MCLR ranges from 8% to 8.65%, depending on the reset tenor. Also Read : 8th Pay Commission: Central Government Teachers Seek OPS Return, Retirement Age Hike To 65 A Lower MCLR Does Not Equal A 5 Bps Rate Cut For Everyone Consider a borrower whose loan is linked to HDFC Bank's one-year MCLR. The benchmark has moved from 8.45% to 8.40%. However, the borrower's actual lending rate also depends on the spread charged by the bank. In simple terms: Loan interest rate = Benchmark rate + Spread Therefore, even where the MCLR has fallen by five bps, the final rate applicable to a particular borrower depends on the terms of the loan agreement. This is why simply comparing the old and new MCLR figures may not be enough to determine the actual saving on a loan. Your Reset Date Could Decide When You See The Benefit There is another reason why borrowers should not expect an immediate change in their EMIs. MCLR-linked loans are repriced according to the reset frequency specified in the loan agreement. RBI rules require the reset period for MCLR-linked floating-rate loans to be one year or less. So, two HDFC Bank customers with similar MCLR-linked loans may not see the impact of the latest rate revision at the same time. A borrower whose reset date is approaching could see the revised benchmark applied sooner, while another customer may have to wait until their next scheduled reset. Before calculating any expected saving, borrowers should therefore find out: 1. The benchmark linked to the loan2. The spread charged over that benchmark3. The next reset date These three details provide a clearer picture of whether the MCLR reduction will affect the loan and when. Home Loan Borrowers Need To Look Beyond MCLR For people with home loans, the latest announcement may not have the effect they expect. Most new floating-rate retail loans are generally linked to an external benchmark rather than MCLR. For such borrowers, changes in the underlying external benchmark and the spread specified in the loan agreement are more relevant to the interest rate. The RBI has mandated that external benchmark-linked loans be reset at least once every three months. So, an HDFC Bank home loan customer should first establish whether the loan is MCLR-linked or externally benchmarked before assuming that the latest announcement will lower the EMI. Also Read : Income Tax Department Plans Online Route For Lower TDS: What Taxpayers Need To Know Is This A Good Time To Switch Your Loan? A five-bps MCLR reduction alone may not be sufficient reason to switch an existing loan. Borrowers considering a switch should compare the actual effective interest rate on their current loan with the rates available on alternative loans. The calculation should include processing fees, conversion or switching charges and other applicable costs. For an MCLR-linked borrower, the latest reduction could provide some benefit. However, if the existing loan carries a significantly higher rate than an alternative loan structure, the potential savings from switching could be more meaningful than the five-bps MCLR reduction itself. RBI rules also provide certain options for eligible floating-rate personal loans, including switching to a fixed rate where the lender offers that facility, or prepaying the loan, subject to applicable terms and charges.

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3 weeks ago
She had no claims for 10 years. Then aerial photos put her insurance at risk
World

She had no claims for 10 years. Then aerial photos put her insurance at risk

Texas homeowners are increasingly finding that insurance companies are using aerial images of their properties to assess risks and decide whether to renew policies. Insurers use satellite, aircraft and third-party imagery, with some companies using AI to analyse roofs and identify possible damage. While insurers say the technology is faster and more efficient, consumer advocates warn that outdated or inaccurate images can lead to wrong decisions.

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3 weeks ago
How a Massachusetts cranberry farm became a thriving wetland
World

How a Massachusetts cranberry farm became a thriving wetland

A former cranberry farm in Plymouth, Massachusetts, has been transformed into a thriving freshwater wetland after restoration work began in 2010. The project restored 225 acres of wetland and more than three miles of stream habitat, removed dams and barriers, and brought back native plants and wildlife. Thousands of migratory fish, including alewife and blueback herring, returned to areas they had been unable to reach for more than 100 years.

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3 weeks ago
Quote of the day by Malala Yousafzai: ‘One child, one teacher, one book and one pen can change the world’
World

Quote of the day by Malala Yousafzai: ‘One child, one teacher, one book and one pen can change the world’

Malala Yousafzai's powerful message highlights education's ability to change the world. A child's curiosity, guided by a teacher, fuels learning and progress. Books transmit knowledge across generations and vast distances. A pen empowers individuals to share their own unique ideas. These fundamental elements collectively shape individual lives and global societies.

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3 weeks ago
Shruti Haasan on rehoming Persian cat Aslan after severe allergy
Entertainment

Shruti Haasan on rehoming Persian cat Aslan after severe allergy

Actor Shruti Haasan opened up about suffering from a serious allergy after bringing home her Persian kitten, Aslan. Despite her efforts to alleviate the painful rashes and boils that impacted her health and career, she ultimately had to make the heart-wrenching choice to find Aslan a new, loving family. Haasan underscored the importance of ensuring a compatible home for the pet's well-being.

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3 weeks ago
Income Tax Department Plans Online Route For Lower TDS: What Taxpayers Need To Know
Business

Income Tax Department Plans Online Route For Lower TDS: What Taxpayers Need To Know

Taxpayers who find that the tax deducted from their income is likely to be higher than their actual tax liability may soon have an easier way to seek relief. The Income Tax Department is preparing rules that will allow eligible taxpayers to apply electronically for certificates permitting tax deduction at source (TDS) at a lower rate or at nil rate. The proposed system is part of a 2026-27 Budget provision aimed at easing compliance for small taxpayers. The development was confirmed by Minister of State for Finance Pankaj Chaudhary in a written reply in the Lok Sabha on Monday. The rules are currently being prepared and will be notified in due course, Chaudhary said, reported PTI. Why A Lower Or Nil TDS Certificate Matters TDS is generally deducted when certain types of income are paid. However, there can be situations where the amount deducted is higher than the taxpayer's eventual tax liability. In such cases, a taxpayer can seek a lower or nil TDS certificate so that excessive tax is not deducted in the first place. This can also reduce the need to wait for a refund after filing the income tax return. Under the new provision, taxpayers will be able to submit their applications electronically instead of relying on a physical process. The move is aimed at making the process easier for taxpayers whose actual tax liability is expected to be lower than the amount that would otherwise be deducted. Also Read : 8th Pay Commission: Central Government Teachers Seek OPS Return, Retirement Age Hike To 65 What The New Online Process Could Look Like The proposed electronic system will rely on information that is already available with the Income Tax Department. Applications for lower or nil TDS certificates are expected to be processed using data available on the income-tax portal, including previously filed income tax returns, the Annual Information Statement (AIS), Taxpayer Information Summary (TIS) and Form 26AS. If the taxpayer meets the prescribed conditions, the certificate will be issued electronically. Applications where discrepancies are identified may be rejected. The exact conditions and procedure, however, will be set out in the rules that are currently being prepared by the department. What The Government Has Changed Chaudhary said Section 395(1) of the Income-tax Act, 2025 provides for certificates allowing TDS to be deducted at nil or lower rates. The Finance Act, 2026 has introduced the electronic application option as part of efforts to reduce the compliance burden on small taxpayers. Under the provision, a payee can electronically apply to the tax authority for a certificate permitting lower or nil deduction of income tax. The certificate can subsequently be issued or the application rejected, subject to conditions that will be prescribed through the rules. The proposed framework is expected to remove the need for physical documentation and repeated visits to tax offices, while making the process paperless and more transparent. Also Read : Gold Silver Rate Today (Aug 10): Metals Rise, Check Latest Rates In Delhi, Mumbai, Chennai, More Income Tax Department Steps Up Faceless Processing The Finance Ministry's response also provided an update on the department's wider use of faceless tax administration. According to Chaudhary, the Income Tax Department disposed of 2.24 lakh appeals during 2025-26, compared with 1.11 lakh appeals in 2023-24. At the same time, the department completed 2.13 lakh faceless assessments in FY26, compared with 2.73 lakh in FY24. The minister was responding to a question in the Lok Sabha regarding the number of faceless assessments conducted and appeals disposed of by the Income Tax Department over the last three years.

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3 weeks ago
Thailand: Former Lawmaker Arrested After Shooting Kills Local Politician Over Money Dispute
World

Thailand: Former Lawmaker Arrested After Shooting Kills Local Politician Over Money Dispute

Edited by: Elizabeth Schumacher Thai police arrested a suspected gunman — identified as former lawmaker Chalong Riewraeng — after he allegedly fired shots that killed a local politician on Monday at a government office on the outskirts of Bangkok. Authorities said the former MP confessed to the shooting. Surrounded by police, Chalong told reporters he attempted to speak with Thongchai Yenprasert about money. "I followed him to his car and hit his car's window, saying I want to talk," the suspect said. "He said he will not talk, so I pulled my gun. I did not aim to shoot, but his driver pulled a gun and pointed it at me so I fired." Thongchai, who was chairman of the Nonthaburi Provincial Administrative Organization, died of his wounds, according to Sakon Sukprom, director of Phra Nang Klao hospital. Thongchai's driver was also shot and successfully underwent surgery, Sakon added. Nonthaburi Governor Chestha Mosikarat told reporters the suspect and victim were "friends for a long time" and the incident likely stemmed from a misunderstanding. Police said the motive for the shooting was a "personal issue." "According to his confession, it was about money that the ... chairman borrowed from him for several years, and he asked for the return of the money several times," regional Police Commander Wattana Yeechin told reporters, adding that the dispute was over several million baht (1 million baht is about €26,220 or $30,300). Second recent shooting This comes just days after a 14-year-old's shooting rampage, first at his home and then at the Debsirin Nonthaburi School, left nine people dead and over 20 injured. That incident was Thailand's deadliest mass shooting in nearly four years. Thai Prime Minister Anutin Charnvirakul had reiterated his intention to tighten gun control laws in the wake of the shooting. The Southeast Asian country's current gun laws do not include mental health screenings and allow people as young as 20 to have guns. Thailand had around 15 guns per 100 ⁠residents, the highest rate in Southeast Asia ​by a wide margin, according to a 2017 estimate by the Small Arms Survey. Disclaimer: This report first appeared on Deutsche Welle, and has been republished on ABP Live as part of a special arrangement. Apart from the headline, no changes have been made in the report by ABP Live.

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3 weeks ago
Rajya Sabha Passes Bankers’ Books Bill 2026: What Changes For Digital Banking Records?
Business

Rajya Sabha Passes Bankers’ Books Bill 2026: What Changes For Digital Banking Records?

The Rajya Sabha on Monday passed the Bankers' Books Evidence Bill, 2026, paving the way for replacement of the colonial-era 1891 act with a modern legal framework aimed at recognising electronic and digital banking records as evidence in legal proceedings. The Lok Sabha had already passed the Bill on August 5. The Bill, seeks to repeal and replace the Bankers' Books Evidence Act,1891, and update the law governing the use of bankers' books and records in courts in line with the present-day banking system. With passage by both Houses of Parliament, the Bill marks a significant step towards updating the evidentiary framework governing banking records and bringing a law enacted in 1891 in line with contemporary banking practices. The Bankers' Books Evidence Bill, 2026, retains most of the provisions of the existing Act, under which certified copies of bank records can be used as evidence in legal proceedings without requiring production of the original records. Also Read : 8th Pay Commission: Central Government Teachers Seek OPS Return, Retirement Age Hike To 65 A key change proposed by the Bill is the explicit recognition of electronic or digital records of bankers' books as admissible, valid and legally enforceable evidence, subject to specified safeguards. Union Finance Minister Nirmala Sitharaman said the Bill "provides for a technology neutral legal framework for Bankers Books" and "recognizes electronic and digital banking records." Under the proposed framework, an electronic or digital copy would be admissible if it is a true copy of the relevant entry or information and correctly represents or is appropriately derived from the original records. The Bill also requires that no unauthorised alteration of data is detected and that there is no tampering with the system or any other event that could undermine the integrity and accuracy of the record. The Bill also retains provisions relating to the production of bankers' books in legal proceedings. Under the existing law, an officer of a bank cannot ordinarily be compelled to produce a banker's book in a proceeding to which the bank is not a party, nor can the officer be compelled to appear as a witness to prove matters, transactions or accounts recorded in such books. Such production or appearance can be ordered by a court or judge for a special cause. Also Read : Gold Silver Rate Today (Aug 10): Metals Rise, Check Latest Rates In Delhi, Mumbai, Chennai, More The 2026 Bill defines the circumstances constituting such a special cause. These include cases where the accuracy or genuineness of an entry or information is doubtful, where an event indicates that the regular process of maintaining records has been interrupted, or where a bank fails to comply with a court order relating to inspection of its books. Sitharaman said the new framework would also strengthen protections for bank officers, noting that it "strengthens the statutory protection available to the bank officers where the bank is not a party to the proceedings." The Finance Minister said the legislation was necessary as India had rapidly digitised its economy, with banking and financial transactions increasingly being conducted digitally. "India has shown exemplary speed in digitizing its economy," she said. Another significant provision enables the Centre to extend the application of the proposed law to other entities or classes of entities operating in the financial sector through a notification.The government may specify conditions, exceptions or modifications while extending the provisions to such entities. The Bill currently applies to entities engaged in banking business as well as post office savings banks and money order offices, retaining the scope of the existing legislation while providing flexibility to cover other financial-sector entities in the future.  (This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

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3 weeks ago
Sandeep Reddy Vanga adopts unique shooting plan for Prabhas’ 'Spirit'
Entertainment

Sandeep Reddy Vanga adopts unique shooting plan for Prabhas’ 'Spirit'

Director Sandeep Reddy Vanga has introduced a unique filming routine for the eagerly awaited film 'Spirit,' featuring Prabhas. The crew will film for five consecutive days before taking a one-month hiatus. This strategy is designed to enhance post-production efforts and meticulous planning. Vanga anticipates that this distinctive approach will considerably elevate the film's quality, thus heightening expectations for this pan-India action saga.

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3 weeks ago
India-origin teenagers Bodhana, Shreyas become 2026 British chess champions
Sports

India-origin teenagers Bodhana, Shreyas become 2026 British chess champions

Indian-origin chess prodigies Bodhana Sivanandan, 11, and Shreyas Royal, 17, won the women’s and open titles at the 2026 British Chess Championships. Bodhana became the youngest British women’s champion, while Royal secured his first open title. Both have risen rapidly in chess, with Bodhana earning multiple honours and Royal becoming England’s youngest grandmaster at 15.

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3 weeks ago
Who Is EDP445’s girlfriend? Her age and role in ‘The Sick Mind of EDP445’ explained
World

Who Is EDP445’s girlfriend? Her age and role in ‘The Sick Mind of EDP445’ explained

A new documentary about Bryant “EDP445” has offered viewers a look at his personal life, including his relationship with 42-year-old Marissa. The film introduces Marissa as his girlfriend, with both speaking about what they like about each other. Here’s what the documentary says about Marissa, her age, their relationship, and the comments surrounding their life together.

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3 weeks ago
Bengaluru Food Safety Raid: How Spoiled Food Can Trigger Serious Health Problems
Health

Bengaluru Food Safety Raid: How Spoiled Food Can Trigger Serious Health Problems

A recent food safety crackdown in Bengaluru has raised concerns about the health risks linked to poorly stored, spoiled and potentially contaminated food. Karnataka’s food safety officials reportedly seized 132 kg of food articles and 15 litres of used cooking oil from five establishments, including rotten meat, fish, vegetables and prepared foods. Among the reported findings, 45 kg of rotten chicken and beef was recovered from Skyye Lounge at UB City. Officials reportedly found fungal growth on the meat and closed the kitchen over unhygienic conditions. The seized food was declared unfit for consumption and discarded. How Spoiled Food Can Affect Your Health Food that has been contaminated with harmful bacteria, viruses, parasites or chemicals can cause foodborne illnesses. According to the World Health Organization (WHO), contaminated food can cause more than 200 diseases, ranging from gastrointestinal infections to serious long-term health problems. Common symptoms include nausea, vomiting, stomach pain, diarrhoea and fever. In some cases, severe diarrhoea and vomiting can lead to dehydration, which may require medical attention. The risk can be greater for young children, older adults, pregnant women and people with weakened immune systems. ALSO READ | ABP Live Doc Talk | Hepatitis Risk During Monsoon: How To Protect Your Liver From Infection Rotten Meat And Fish Can Be Particularly Risky Meat, poultry and seafood are highly perishable foods and require proper refrigeration and hygienic handling. If stored incorrectly or left for too long, they can support the growth of disease-causing microorganisms. The Bengaluru inspection reportedly found 50 kg of duck and 5 kg of fish at Royal Chain Hotel, while fish was also seized from Senchez Hotel. Green peas and mushrooms were among the other food items reportedly seized during the inspections. 🎥#WATCH | Karnataka's food safety department conducted inspections at several hotels in Bengaluru and seized huge quantities of rotten meat and vegetables and expired cooking oils.The food safety department seized a total of over 132 kg of food items from five hotels, ranging… pic.twitter.com/ILuHYKvqPv — Hindustan Times (@htTweets) August 10, 2026 What About Fungus On Food? Visible fungal growth is an important warning sign. While different moulds have different effects, visibly mouldy or spoiled food should not be treated as safe simply by removing the affected portion. Some fungi can produce toxins, and contamination may extend beyond what is visible. Repeatedly Used Cooking Oil Can Also Be A Concern Officials reportedly seized 15 litres of used cooking oil from Skyye Lounge. FSSAI guidance says repeated heating of cooking oil causes chemical and nutritional changes and recommends avoiding reuse as far as possible. ALSO READ | Ozempic Face Treatment: New K-Beauty Injectable Aims To Restore Lost Facial Volume What Consumers Should Remember The Bengaluru raids highlight that food safety is not only about taste or freshness it is a public-health issue. Consumers should be cautious about food that appears spoiled, smells unusual or has been stored improperly. If someone develops persistent vomiting, severe diarrhoea, dehydration, high fever or worsening symptoms after eating potentially contaminated food, they should seek medical advice promptly. [Disclaimer: The information provided in the article is shared by experts and is intended for general informational purposes only. It is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified healthcare provider with any questions you may have regarding a medical condition.]

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3 weeks ago
Typhoon Dolphin Weakens, But Heavy Rain, Flood Alerts Disrupt China; 1,000+ Flights Cancelled
World

Typhoon Dolphin Weakens, But Heavy Rain, Flood Alerts Disrupt China; 1,000+ Flights Cancelled

Edited by: Elizabeth Schumacher Heavy rainfall and strong winds prompted flood alerts and more than 1,000 flight cancellations across China on Monday, even as Typhoon Dolphin weakened. China's National Meteorological Centre (NMC) issued its least severe typhoon alert on Monday morning as the storm lost power after making landfall in China's Zhejiang Province on Sunday. Despite the weaker storm, the NMC warned that parts of east and central China will continue to receive heavy rainfall. Authorities issued their most severe flash flood alert for parts of eastern and southern Zhejiang on Monday, state news broadcaster CCTV reported. Five districts in Beijing are also under red alerts for heavy rainfall on Monday, with risks of landslides and flooding. The storm had already forced over 300,000 people in eastern China to preemptively relocate, while bringing heavy rainfall to northern Taiwan over the weekend. In Shanghai, authorities evacuated more than 30,000 people out of high-risk areas. Overall, some one million people have been told to seek shelter. Typhoon Dolphin disrupts transport in Shanghai Shanghai's two main passenger airports, Pudong International Airport and Hongqiao International Airport, canceled 943 flights between them for Monday, the airport authority said in a post online. That's a reduction of capacity by nearly 40%. On Sunday, the two airports had cancelled nearly 1,500 flights, or about 60% of their scheduled travel, according to state media. Public transport services in the city were also impacted, with several local trains suspended. At the same time, Zhejiang province began to resume its transport facilities. Zhejiang's Ningbo International Airport will resume flights midday on Monday but warned that some of the scheduled travel may still be delayed or canceled as the storm had "not yet completely dissipated." China is dealing with Typhoon Dolphin just two weeks after Typhoon Noul struck its southern Guangdong province. Last month, Typhoon Maysak killed 11 people and injured over 300 in the central Hubei province. Extreme weather systems are a common feature in China this time of the year, with typhoons leaving significant displacement, infrastructural damage and loss of lives. Scientists warn that the intensity and frequency of such extreme weather have increased and will continue to rise amid climate change. Disclaimer: This report first appeared on Deutsche Welle, and has been republished on ABP Live as part of a special arrangement. Apart from the headline, no changes have been made in the report by ABP Live.

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3 weeks ago
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