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Business News/ Money / Personal Finance/  HDFC Bank hikes interest rates on fixed deposits by up to 75 bps: Details here
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HDFC Bank hikes interest rates on fixed deposits by up to 75 bps: Details here

HDFC Bank, a private sector lender, raises interest rates on fixed deposits of less than ₹2 crore.

Following the modification, HDFC Bank increased interest rates on fixed deposits for retail investors by up to 75 basis points. (MINT_PRINT)Premium
Following the modification, HDFC Bank increased interest rates on fixed deposits for retail investors by up to 75 basis points. (MINT_PRINT)

HDFC Bank, a private sector lender, raises interest rates on fixed deposits of less than 2 crore. As per the bank's official website, the new rates are effective from 11th October 2022. Following the modification, the bank increased interest rates on fixed deposits for retail investors by up to 75 basis points. On deposits maturing in 7 days to 10 years, investors will now get interest rates ranging from 3.00% to 6.00% for the general public and 3.50% to 6.75% for senior citizens.

HDFC Bank FD Rates

The bank increased the interest rate on deposits of less than 2 Cr maturing in 7 - 29 days from 2.75% to 3.00%, a 25 basis point increase, and on deposits maturing in 30 - 60 days from 3.25% to 3.50%, a 25 basis point increase. Deposits maturing in 61-89 days will now get an interest rate of 4.00%, up from 3.25% before, representing a 75 basis point increase, while deposits maturing in 90 days to 6 months will now earn an interest rate of 4.25%, up from 3.75% previously, representing a 50 basis point increase.

HDFC Bank has raised its deposit interest rate from 4.65% to 5.00% for deposits maturing in 6 months, 1 day to 1 year, a 35 basis point increase. HDFC Bank has raised its interest rate on fixed deposits maturing in 1 year to 2 years from 5.50% to 5.70%, a 20 basis point increase, and on deposits maturing in 2 years 1 day to 3 years from 5.50% to 5.80%, a 30 basis point increase. Deposits maturing in 3 years 1 day - 5 years will continue to earn an interest rate of 6.10%, while deposits maturing in 5 years 1 day - 10 years will earn an interest rate of 6.00%, a 25 basis point increase from 5.75%.

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

HDFC Bank Interest Rates For Deposits of 2 Cr to less than 5 Cr

HDFC Bank has also adjusted its interest rates on domestic / NRO / NRE fixed deposits of 2 Cr to less than 5 Cr, effective October 11, 2022. The bank is now giving interest rates ranging from 3.75% to 6.25% on these types of deposits maturing in 7 days to 10 years for the general public and 4.25% to 7.00% for senior people. HDFC Bank is currently giving a maximum interest rate of 6.50% to the general public and 7.00% to senior citizens on deposits maturing in one to three years.

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

HDFC Bank RD Rates

HDFC Bank has increased the interest rates on recurring deposits (RDs) for residents, NROs, and NREs over a range of tenors. The bank has raised the interest rates on RDs maturing in 6 to 36 months and 90 to 120 months, as a result of the modification. HDFC Bank will now provide interest rates ranging from 4.25% to 6.00% on RDs maturing in 6 months to 120 months for the general public and 4.75% to 6.75% for senior citizens.

HDFC Bank RD Rates
View Full Image
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: 12 Oct 2022, 02:42 PM IST
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