HDFC Bank, has revised its interest rates on bulk fixed deposits (FDs) of ₹3 crore to less than ₹5 crore. After the revision, India’s largest private sector lender, is currently offering interest rates that range from 4.75% to 7.40% for the general public and 5.25% to 7.90% for senior citizens on FD tenors of 7 days to 10 years. As per the official website of HDFC Bank, the new bulk FD rates are effective as of 5 December 2024.
The bank is now offering an interest rate of 4.75% on bulk deposits that mature in 7 to 29 days, and HDFC Bank is also promising an interest rate of 5.50% on those that mature in 30 to 45 days. Now, HDFC Bank is offering 5.75% interest on deposits made between 46 and 60 days and 6.00% on deposits between 61 and 89 days.
An interest rate of 6.50% will be paid on deposits that mature in 90 days to 6 months, and 6.85% will be paid on deposits that mature in 6 months, 1 day to 9 months. For fixed deposits maturing in nine months, one day to one year, the bank will offer an interest rate of 6.75%, while HDFC Bank will offer an interest rate of 7.4% on deposits maturing in 1 year to 15 months. For deposits that mature between 15 months to two years, HDFC Bank will give an interest rate of 7.05%, and for deposits maturing in two years, one day to ten years, the interest rate will be 7.00%.
HDFC Bank latest FD rates
The bank last changed its interest rates on customer term deposits under ₹3 Cr on July 24, 2024. With maturities ranging from seven days to ten years, HDFC Bank now provides interest rates between 3% and 7.00%.
Taxation on Fixed Deposit Interest Rates
When calculating your income tax returns, the interest you receive from your fixed deposits is regarded as “income from other sources.” Tax is withheld at the source of the income by section 194A of the Income Tax Act of 1961. Since the bank is the point of origin for FDs, when your interest surpasses a specified threshold, the bank will deduct TDS (tax-deducted source).
TDS will be charged if your interest income from FDs is over ₹40,000 in a given fiscal year. The TDS deduction threshold for senior citizens is ₹50,000.
