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HDFC Bank, the country's largest private sector lender, raised interest rates on fixed deposits of less than 2 crore today. Following the modification on June 17, 2022, the bank increased interest rates on multiple tenors and currently offers 2.75 per cent to 5.75 per cent to the general public and 3.25 per cent to 6.50 per cent to senior citizens on deposit tenures ranging from 7 days to 10 years.

HDFC Bank FD Rates

The bank increased the interest rate on deposits from 7 to 29 days from 2.50 per cent to 2.75 per cent, a 25 basis point increase. The bank increased the interest rate on fixed deposits maturing in 30 to 90 days by 25 basis points, from 3 per cent to 3.25 per cent. HDFC Bank will now provide an interest rate of 3.75 per cent, up from 3.50 per cent before, on fixed deposits maturing in 91 days to 6 months, representing a 25 basis point increase.

Fixed deposits maturing in 6 months 1 day to 9 months will now earn 4.65 per cent, up from 4.40 per cent before, a 25 basis point increase, while term deposits maturing in 9 months 1 day to less than 1 year will earn 4.65 per cent, up from 4.50 per cent previously, a 15 basis point increase. The bank will now provide an interest rate of 5.35 per cent on fixed deposits maturing in one year to less than two years, up from 5.10 per cent before, a 25 basis point increase. Deposits maturing in two years, one day, or three years will now collect 5.50 per cent instead of 5.40 per cent earlier, a 10 basis point increase.

Term deposits maturing in 3 years 1 day to 5 years will now generate an interest rate of 5.70 per cent, up from 5.60 per cent previously, while deposits maturing in 5 years 1 day to 10 years will have an interest rate of 5.75 per cent, which has remained unaltered by the bank.

HDFC Bank FD Rates 2022
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HDFC Bank FD Rates 2022 (hdfcbank.com)

HDFC Bank gives elderly citizens an additional rate benefit of 0.50 per cent over the regular rate on deposits maturing in 7 days to 5 years. However, HDFC Bank also offers a special fixed deposit scheme known as Senior Citizen Care FD, under which the bank promises an additional premium of 0.25 per cent over and above the existing premium of 0.50 per cent, for a total additional benefit of 75 basis points on deposits maturing in 5 years 1 day - 10 years. Senior residents will receive an interest rate of 6.50 per cent on this deposit tenor, which is an increase of 0.75 per cent over the standard rate of 5.75 per cent, but only for a limited time period until September 30th, 2022.

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).
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