Interest rates

HDFC Bank raises fixed deposit (FD) interest rates by up to 35 basis points

The main private sector lender, HDFC Bank, has raised interest rates on term deposits of less than 2 cr. According to the bank’s official website, the new rates come into effect on November 8, 2022. Following the change, the bank increased interest rates on deposits maturing in 15 months to 10 years up to 35 points basic. Now, HDFC Bank offers interest rates on term deposits (FD) with a maturity of 7 days to 10 years ranging from 3% to 6.25% for the general public and 3.50% to 7, 00% for seniors.

HDFC Bank FD Rates

The bank will continue to offer an interest rate of 3.00% on deposits maturing within the next 7 to 29 days, while HDFC Bank will continue to offer an interest rate of 3.50% on deposits maturing in the next 30 to 45 days. Deposits that mature in 46 to 60 days will continue to pay 4.00% interest, while those that mature in 61 days to 6 months will continue to pay 4.50% interest. Interest rates offered by HDFC Bank will remain at 5.25% for deposits with maturities of 6 months, 1 day to 9 months, and at 5.50% for deposits with maturities of 9 months, 1 day to 1 year .

On deposits with maturities of 1 year 1 day to 15 months, HDFC Bank will continue to offer an interest rate of 6.10% but on those with maturities of 15 months 1 day to 18 months, the bank has raised the rate interest rate from 6.15% to 6.40%, an increase of 25 basis points. Deposits maturing between 18 months and 2 years will now offer an interest rate of 6.50%, up 35bp from 6.15% previously. On deposits with 2-year, 1-day to 5-year maturity, HDFC Bank increased the interest rate by 25 basis points (bps), from 6.25% to 6.50%, and on deposits with from 5 years, 1 day to 10 years, the bank raised the interest rate by 5 basis points, from 6.20% to 6.25%.

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HDFC Bank FD Rates (hdfcbank.com)

Seniors can receive an additional 50 basis points of interest over the standard rate on deposits maturing within 7 days to 5 years from HDFC Bank. HDFC Bank offers a special fixed deposit named “Senior Citizen Care FD” which comes with a term of 5 years 1 day to 10 years. Seniors will receive an additional bonus of 0.25% on top of the existing bonus of 0.50%. However, HDFC Bank’s Senior Citizen Care FD is valid until March 31, 2023. The bank offers a regular rate of 6.25% on FDs maturing in 5 years, 1 day to 10 years, but seniors will receive an interest rate of 7.00%, which is 75 basis points higher than the standard rate offered under HDFC Bank’s special FD program.

“Only senior/retired staff (60+) who are resident individuals are eligible. The special rates only apply to residents’ deposits,” HDFC Bank mentioned on its website.

HDFC Bank RD Rate

The interest rate on recurring deposits (RD) with a maturity of 15 to 120 months has also been revised by HDFC Bank. On said tenor slab, the bank now offers an interest rate ranging from 6.40% to 6.25% for the general public and from 6.90% to 7.00% for seniors. The bank now offers a maximum interest rate of 6.50% on RDs with maturities of 24 to 60 months to the general public, while HDFC Bank now offers a maximum interest rate of 7% to seniors on RDs with a maturity of 24 to 60 months. maturity from 24 months to 120 months.

HDFC Bank RD Rate

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HDFC Bank RD Rate (hdfcbank.com)

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