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Business News/ Industry / Banking/  HDFC Bank hikes bulk FD rates, new interest rates are effective from today
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HDFC Bank hikes bulk FD rates, new interest rates are effective from today

The leading private sector lender HDFC Bank has hiked its interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to less than ₹5 Crores.

Following the revision, HDFC Bank is now offering interest rates ranging from 4.50% to 7.00% for the general public and 5.00% to 7.75% for senior citizens on deposits maturing in 7 days to 10 years. (MINT_PRINT)Premium
Following the revision, HDFC Bank is now offering interest rates ranging from 4.50% to 7.00% for the general public and 5.00% to 7.75% for senior citizens on deposits maturing in 7 days to 10 years. (MINT_PRINT)

The leading private sector lender HDFC Bank has hiked its interest rates on bulk fixed deposits (FDs) of more than 2 Cr to less than 5 Crores. As per the official website of the bank, the new interest rates are effective as of 3rd January 2023. Following the revision, the bank is now offering interest rates ranging from 4.50% to 7.00% for the general public and 5.00% to 7.75% for senior citizens on deposits maturing in 7 days to 10 years.

HDFC Bank Bulk FD Rates

The bank now offers an interest rate of 4.50% on deposits that mature in the next 7 to 29 days, while HDFC Bank now offers an interest rate of 5.25% on deposits that mature in the next 30 to 45 days. A deposit tenor of 46 to 60 days will now earn interest at a rate of 5.50% from HDFC Bank, while a deposit tenor of 61 to 89 days will earn interest at a rate of 5.75%.

Deposits with maturities between 90 days and 6 months will now earn interest at a rate of 6.25%, while those with maturities between 6 months and 9 months will now earn interest at a rate of 6.50%. The bank is currently giving an interest rate of 6.65% on deposits maturing in 9 months, 1 day to 1 year, and 6.75% on deposits maturing in 1 year to 15 months, according to HDFC Bank.

For deposits maturing in the next 15 months to 2 years, HDFC Bank is now giving an interest rate of 7.15%; for deposits maturing in the next 2 years, 1 day to 10 years, the interest rate is now 7.00%.

HDFC Bank Bulk FD Rates
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HDFC Bank Bulk FD Rates (hdfcbank.com)

HDFC Bank has mentioned on its website that “When booking FD through NetBanking please note the actual interest rate being applied on the "Confirm" screen. This screen appears before you confirm your request for opening a new FD." Only senior citizens and retired employees who are residents and at least 60 years old are eligible for additional interest rate benefits applicable over and above the regular rates for them.

During a special deposit program named Senior Citizen Care FD by HDFC Bank that runs from May 18 to March 31, 2023, senior citizens who want to book a fixed deposit for less than 5 crores for a term of 5 years or 1 day to 10 years will get an additional premium of 0.25% over and above the existing premium of 50 bps. Resident senior citizens who book new fixed deposits or renew existing ones within the aforementioned period are eligible for this special offering. HDFC Senior Citizen Care FD is not applicable to Non-Resident Indians.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 03 Jan 2023, 03:06 PM IST
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