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Business News/ Money / Personal Finance/  HDFC Bank hikes fixed deposit (FD) interest rates by up to 35 bps
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HDFC Bank hikes fixed deposit (FD) interest rates by up to 35 bps

The leading private sector lender HDFC Bank has hiked interest rates on fixed deposits of less than ₹2 Cr.

Now, HDFC Bank is providing interest rates on fixed-term deposits (FDs) maturing in 7 days to 10 years that range from 3% to 6.25% for the general public and from 3.50% to 7.00% for senior citizens. (MINT_PRINT)Premium
Now, HDFC Bank is providing interest rates on fixed-term deposits (FDs) maturing in 7 days to 10 years that range from 3% to 6.25% for the general public and from 3.50% to 7.00% for senior citizens. (MINT_PRINT)

The leading private sector lender HDFC Bank has hiked interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 8th November 2022. Following the modification, the bank increased interest rates on deposits maturing in 15 months to 10 years by up to 35 bps. Now, HDFC Bank is providing interest rates on fixed-term deposits (FDs) maturing in 7 days to 10 years that range from 3% to 6.25% for the general public and from 3.50% to 7.00% for senior citizens.

HDFC Bank FD Rates

The bank will continue to give an interest rate of 3.00% on deposits maturing in the next 7 to 29 days, while HDFC Bank will continue to offer an interest rate of 3.50% on deposits maturing within 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. The interest rates offered by HDFC Bank will remain at 5.25% for deposits maturing in 6 months, 1 day to 9 months, and 5.50% for deposits maturing in 9 months, 1 day to 1 year.

On deposits maturing in 1 year 1 day to 15 months, HDFC Bank will continue to offer an interest rate of 6.10% but on those maturing in 15 months 1 day to 18 months, the bank has hiked the interest rate from 6.15% to 6.40% a hike of 25 bps. Deposits maturing in 18 months to 2 years will now offer an interest rate of 6.50% a hike of 35 bps from 6.15% earlier. On deposits maturing in 2 years, 1 day to 5 years, HDFC Bank increased the interest rate by 25 basis points (bps), from 6.25% to 6.50%, and on deposits maturing in 5 years, 1 day to 10 years, the bank increased the interest rate by 5 bps, from 6.20% to 6.25%.

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

Senior citizens can receive 50 bps additional interest than the standard rate on deposits that mature within 7 days to 5 years from HDFC Bank. HDFC Bank offers a special fixed deposit named "Senior Citizen Care FD" that comes with a tenure of 5 years 1 day to 10 years. Senior Citizens will receive an additional premium of 0.25% over and above the existing premium of 0.50%. However, the HDFC Bank's Senior Citizen Care FD is valid till March 31, 2023. The bank offers a regular rate of 6.25% on FDs maturing in 5 years, 1 day to 10 years, but senior citizens will receive an interest rate of 7.00%, which is 75 basis points higher than the standard rate offered under the special FD programme of HDFC Bank.

“Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Individuals are eligible. The special rates are applicable only for Resident deposits," mentioned HDFC Bank on its website.

HDFC Bank RD Rates

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

HDFC Bank RD Rates
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HDFC Bank RD Rates (hdfcbank.com)

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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).
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Published: 09 Nov 2022, 03:32 PM IST
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