HDFC Bank hikes interest rates on FD. Check revised rates here

Private lender HDFC Bank has increased the interest rates on fixed deposits on some tenures, according to the lender's website.

The Bank has increased the interest rates on deposits less than ₹2 crore by 5-10 basis points and the revised rates will be applicable from 14 February.

The lender has hiked interest rate on fixed deposits of one year tenure by 10 basis points to 5% from 4.9% earlier. The interest rate on deposits having a tenure between 1-2 years is also at 5%.

Meanwhile, the rate of interest on fixed deposit having a tenure of two-three years is at 5.20%.

The rates on deposits with a tenure of 3-5 years has been increased by 5 basis points to 5.45%. The FD rate on deposits with 5-10 year tenure currently stands at 5.60%.

Earlier, Central Bank of India and UCO Bank have also revised interest rates on fixed deposits. The revised interest rates are applicable on fixed deposit investments worth up to ₹2 crore. The rates are effective from 10 February 2022.

Last week, in a surprise move, the RBI's monetary policy committee kept rates and its stance unchanged to ensure a broad-based recovery. The repo rate currently stands at 4% and reverse repo rate at 3.35%.