HDFC Bank, India’s leading private sector lender, has hiked interest rates on fixed deposits below Rs 2 crore. The new rates are up to 35 basis points (bps) higher on FDs maturing in 15 months to 10 years. HDFC Bank is providing interest rates on fixed-term deposits (FDs) maturing in 7 days to 10 years that range from 3 per cent to 6.25 per cent for the general public and from 3.50 per cent to 7.00 per cent for senior citizens.
Recently, Axis Bank also announced an interest rate hike on FDs under Rs 2 crore. The bank raised the interest rates by up to 115 basis points for selected tenures.
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Here are the revised interest rates on fixed deposits less than Rs 2 crore at HDFC Bank (per annum) effective from November 8:
7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 60 days: For General Public – 4.00 per cent; For Senior Citizens – 4.50 per cent
61 days to 89 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
90 days to less than equal to 6 months: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
6 months 1 day to less than 1 year: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent
1 year 1 day to less than 18 months: For General Public – 6.40 per cent; For Senior Citizens – 6.90 per cent
18 months to less than 21 months: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
21 months 1 day to less than 2 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
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2 years 1 day to 3 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
3 years 1 day to less than 5 years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
5 years 1 day to 10 years: For General Public – 6.25 per cent; For Senior Citizens – 7.00 per cent.
According to HDFC Bank’s website, “An additional premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) shall be given to senior citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May 2020 to 31st March 2023. This special offer will be applicable to new fixed deposit booked as well as for the renewals, by senior citizens during the above period. This offer is not applicable to non-resident Indian.”
