Private sector lender HDFC Bank has raised interest rates for deposits by up to 100 basis points in a bid to grow its deposits. For deposits under Rs 1 crore, deposits rates have been raised by 10 basis points to 6.85%.
Interest rate on deposits with maturity of one year and 17 days to two years has been raised by 75 bps to 7 per cent. For deposits maturing between two years and five years, the rate has been hiked by 100 bps to 7 per cent. Retail deposits between five years and 10 years will continue to deliver 6 per cent returns.
On March 28, country's largest lender SBI raised interest rates on fixed deposits by 10-25 basis points for tenures ranging between two and 10 years.
The new rates range between 6.6 per cent and 6.75 per cent. For fixed deposits below Rs 1 crore and with two-three years tenure, the interest rate was fixed at 6.60% from the existing 6.50%. The bank owns more than one-fifth of India's banking assets.