HDFC Bank has revised its fixed deposit interest rates with effect from 2 August
SBI and Punjab National Bank (PNB) also revised interest rates on retail fixed deposits effective 1st and 2nd August respectively
HDFC Bank has revised its fixed deposit (FD) interest rates below ₹2 crore on select maturities with effect from 2 August. HDFC Bank has revised interest rates on short-term deposits. The revised interest rates are applicable to maturity periods such as one year, 1 year one day to 1 year three days, 1 year four days, 1 year five days to 1 year 15 days, 1 year 16 days and 1 year 17 days to 2 years, according to the lender's website.
The bank offers interest rates ranging from 3.50% per annum to 7.30% per annum on deposits maturing in seven days to 10 years, across various tenures.
For deposits maturing in seven days to 6 months, the interest rates remain unchanged at 6.00% for general public and 50 basis points higher, i.e. 6.50% for senior citizens. The bank is offering an interest rate of 6.75% to general public and 7.25% to senior citizens on fixed deposits of seven days to less than 1 year.
HDFC Bank has reduced the interest rate by 10 basis points on deposits maturing in one year to two years. On deposits maturing in one year to 1 year 16 days, HDFC Bank has lowered the interest rate to 7.00%. FDs maturing in one year 17 days to 2 year will fetch an interest rate of 7.10% instead of 7.20%.
For term deposits maturing in two to three years, HDFC Bank has kept the rates unchanged at 7.30%. The bank has also kept the interest rates unchanged on FDs maturing in three to five years at 7.25%.
Latest HDFC Bank FD interest rates
The bank has also not revised the rates on the long-term tax-saving FDs, according to the lender's website. For term deposits maturing in 5 years to 10 years, the bank is offering an interest rate of 7.00%. HDFC Bank had increased the rates on these deposits by 50 basis points, when it had last revised the rates on 22 July 2019.
These rate cuts come just before the Reserve Bank of India's monetary policy review scheduled on 7 August, amid expectations of yet another 25 basis points cut in lending rate. RBI has already reduced the repo rate three times in the last three MPC meetings. In its June policy review, while reducing the rate for the third time in a row, the RBI had signalled more easing as it looked to boost the slowing economy.