HDFC Bank has revised its fixed deposit interest rates below ₹2 crore on select maturities with effect from 22 July. India's largest private lender offers interest rates ranging from 3.50% p.a. to 7.30% p.a. on deposits maturing in seven days to 10 years, across various tenures. For deposits maturing in seven days to 20 days, the rate remains unchanged at 4.25%. HDFC Bank has revised the interest rate applicable to maturity periods such as 30 days to 6 months, 6 months to one year, and also on the long-term tax-saving FDs, according to the lender's website.
HDFC Bank is offering an interest rate of 5.50% to general public and 6.00% to senior citizens on fixed deposits of 30-45 days. Previously, the private lender paid interest rates of 5.75% and 6.25% to the general public and senior citizens respectively. For FDs of 46 days to 6 months, HDFC Bank has reduced the interest rate from 6.25% to 6.00% now.
On fixed deposits of a one-year maturity period, the private sector bank has lowered its interest rates by 20 basis points. After 22 July's revision, HDFC Bank is offering interest at the rate of 7.10% to the general public. Senior citizens get an additional rate of interest of 0.5% on their deposits across all maturities.
For deposits maturing in 1 year to 2 years, HDFC Bank has lowered its interest rate by 10 basis points. After the recent revision, the bank is offering an interest rate of 7.20%, from 7.3% earlier.
For deposits maturing in two to three years, HDFC Bank will now offer an interest rate of 7.30%, from 7.4% earlier.
HDFC Bank has kept the interest rates unchanged on FDs maturing in three to five years at 7.25%.
For term deposits maturing in 5 years to 10 years, the private lender has increased its existing rate by 50 basis points. The bank is offering an interest rate of 7.00% on these long-term deposits.
Other lenders that have revised their FD rates this month include Punjab National Bank, Bandhan Bank, Axis Bank, IDFC First Bank and Kotak Mahindra Bank.
