HSBC Bank hikes interest rates on FDs, senior citizens earn 7.50% on this tenor
- One of the largest banks and financial services providers globally, HSBC having its subsidiary in Mumbai since 1853 has hiked interest rates on domestic fixed deposits of less than ₹2 Cr.
One of the largest banks and financial services providers globally, HSBC having its subsidiary in Mumbai since 1853 has hiked interest rates on domestic fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of Monday, 19 December 2022. Following the most recent amendment, the bank is now providing interest rates on deposits maturing in 7 days to 60 months that range from 2.85% to 6.00% for the general public and from 3.35% to 6.50% for senior citizens. HSBC Bank India is now offering a maximum standard interest rate of 7% and 7.50% to senior citizens on deposits maturing in 36 months to less than 37 months.
HSBC Bank FD Rates
The bank is giving an interest rate of 2.85% on deposits that mature in 7 to 8 days, and HSBC Bank is offering an interest rate of 3% on deposits that mature in 9 to 29 days. For FDs that mature in 30 to 59 days and 60 to 89 days, respectively, HSBC Bank is offering interest rates of 3.40% and 3.60%. Deposits with maturities of 90 to 94 days and 95 to 179 days will now earn interest at a rate of 3.80% and 4.00%, respectively.
The bank is giving an interest rate of 4.50% on deposits that mature in 180 days, and HSBC Bank is offering an interest rate of 3.25% on deposits that mature in 181 to 269 days. On deposits that mature in 270 days to 399 days, HSBC Bank is giving an interest rate of 3.10%, and on deposits that mature in 400 days, the bank is offering an interest rate of 3.25%. Deposits due in the next 401 days to less than 18 months will now earn interest at a rate of 6.25%, while deposits maturing in the next 18 months to 599 days will earn interest at a rate of 3.30%.
The bank is giving an interest rate of 3.75% on FDs that mature in 600 days and in 601 to 699 days. Interest rates are being offered by HSBC Bank at 3.30%. Deposits maturing in 700 days will earn interest at a rate of 3.75% from HSBC Bank, while deposits maturing in 701 to 731 days will earn interest at a rate of 3.50%. The interest rate for deposits that mature in 732 days to less than 36 months is 6.50%, while the interest rate for deposits that mature in 36 months to less than 37 months is 7.00%. HSBC Bank is giving an interest rate of 6.00% on FDs with maturities ranging from 37 to 60 months.
At HSBC Bank, you can now create a fixed deposit online for as little as INR10,000, and older adults can receive an additional 0.50% in interest over and above the regular rates. HSBC Bank has mentioned on its website that “The interest paid will be lower by the Penal Rate i.e. 1%, from the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals of deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit.”
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Business NewsIndustryBankingHSBC Bank hikes interest rates on FDs, senior citizens earn 7.50% on this tenor
First Published:25 Dec 2022, 02:41 PM IST
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