The interest rates on fixed deposits (FDs) have been increased again this month by HDFC Bank. The new interest rates are in effect as of October 26, 2022, after HDFC Bank increased FD interest rates by 50 basis points. For FD balances under Rs 2 crore, these rates apply. The interest rate on FDs with terms between 61 and 89 months offered by HDFC Bank has increased from 4 to 4.50 per cent. As an example, let’s say that the bank raised FD rates by 75 basis points on October 11.
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HDFC Bank will now give an interest rate of 4.50 per cent against 4.25 per cent on fixed deposits lasting 90 days to six months. In the future, FDs with terms of 6 months and a day to less than 9 months will earn 5 per cent to 5.25 per cent, and those with terms of 9 months and a day to less than 1 year will henceforth earn 5.50 per cent. One year to fifteen months of FD tenure will now earn 6.10 per cent. Earnings on FDs between 15 months and less than 2 years are 6.15 per cent. After the hike, FDs with terms ranging from one day to five years will earn 6.25 per cent. The bank has raised the interest rate for five to ten years from 6 per cent to 6.20 per cent by 20 basis points. In two days, the SBI Utsav Special Fixed Deposit Scheme will expire. From October 26, HDFC Bank will increase its fixed-rate deposits.
HDFC Bank hiked FD rates in October, check here:
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7 – 14 days: 3.00%
15 – 29 days: 3.00%
30 – 45 days: 3.50%
46 – 60 days: 4.00%
61-89 days: 4.50%
90 days <= 6 months 4.50%
6 months 1 day <= 9 months 5.25%
9 months 1 day to < 1 year 5.50%
1 year to 15 months 6.10%
15 months to < 18 months 6.15%
18 months to < 21 months 6.15%
21 months to 2 years 6.15%
2 years 1 day – 3 years 6.25%
3 years 1 day to 5 years 6.25%
5 years 1 day to 10 years 6.20%
