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Private sector banker, HDFC Bank has hiked its fixed deposits interest rate by 15-25 basis points on certain tenures. The revised rates are applicable on FDs below ₹2 crore. The new rates have come into effect from June 15. Senior citizens are the biggest beneficiary of the latest FD rates at HDFC Bank.
HDFC Bank offers a 4.65% rate each on FDs maturing 6 months 1 day - 9 months - up by 25 bps from the previous 4.40% each. Meanwhile, the interest rate is 4.65% up by 15 bps on FDs maturing 9 months 1 day less than 1 year compared to the previous 4.50%.
FD rate is set at 5.35% each on 1 year and 1 year 1 day - 2 years tenure - higher by 25 bps from the previous 5.10% each.
However, FD rates were kept unchanged at 5.40% on 2 years 1 day - 3 years tenure, at 5.60% on 3 years 1 day- 5 years, and 5.75% on 5 years 1 day - 10 years tenure.
The rates are unchanged on tenures starting from 7 days to 6 months varying from 2.50-3.50%.
These mentioned rates are meant for the general category, and the interest rate is higher than this for senior citizens.
Senior Citizens:
Interest rate jumped by 25 bps at 5.15% on 6 months 1 day - 9 months tenure from 4.90%, while the rate is also 5.15% on 9 months 1 day less than 1-year term from however up by only 15 bps from previous 5%.
Moreover, the FD rate is 5.85% each up by 25 bps on maturity period 1 year and 1 year 1 day - 2 years compared to the previous 5.60% each.
The interest rates are unchanged at 5.90% for 2 years 1 day - 3 years, at 6.10% for 3 years 1 day- 5 years, and 6.50% for 5 years 1 day - 10 years term. The interest rate is also the same on tenures from 7 days to 6 months ranging from 3% to 4%.
There is a special FD offered by HDFC Bank to senior citizens as well.
Under Senior Citizen Care FD, HDFC Bank offers an additional premium of 0.25% (over and above the existing premium of 0.50%) to elderlies who look to book FDs less than ₹5 crore for a tenure of 5 years 1 day to 10 years term. The special discount is available till September 30, 2022.