HSBC Bank revises interest rates on fixed deposits: Details inside
Premium- The global financial institution with a branch in India, HSBC Bank India, has modified the interest rates on fixed deposits under ₹2 crore.
The global financial institution with a branch in India, HSBC Bank India, has modified the interest rates on fixed deposits under ₹2 crore. According to the bank's official website, the new rates take effect on August 25, 2022. Following the revision, the bank is now guaranteeing an interest rate on fixed deposits maturing in 7 days to 60 months that range from 2.50% to 4.00% for the general public and 3.00% to 4.50% for senior citizens. HSBC Bank will now provide a maximum interest rate of 6% for the general public and 6.50% for senior citizens on fixed deposits maturing in 732 days to less than 36 months.
HSBC Bank India FD Rates
The bank will now provide an interest rate of 2.50% on fixed deposits maturing in 7 days, and an interest rate of 2.60% on fixed deposits maturing in 8 days to 14 days. The interest rate on fixed deposits with maturities between 15 and 29 days has increased to 2.85%, while the interest rate on term deposits with maturities between 30 and 59 days has raised to 3.10%. For fixed deposits maturing in 60 to 89 days, HSBC Bank India will now give an interest rate of 3.30%, and for fixed deposits maturing in 90 to 179 days, the bank will now offer an interest rate of 3.50%.
The bank will now give an interest rate of 3.75% on fixed deposits that mature in 180 days, and HSBC Bank will now offer an interest rate of 3.00% on fixed deposits that mature in 181 to 269 days. A 3.10% interest rate will be offered on fixed deposits maturing in 270 to 399 days, and a 3.25% interest rate will be provided on term deposits maturing in 400 days. On fixed deposits maturing in 401 days to less than 18 months, HSBC Bank India is now promising an interest rate of 5.75%, while on deposits maturing in 18 months to 599 days, the bank is now guaranteeing an interest rate of 3.30%.
A fresh interest rate of 3.75% will be offered on fixed deposits that mature in 600 days, and a revised interest rate of 3.30% will be offered on term deposits that mature in 601 to 699 days. On fixed deposits maturing in 700 days, HSBC Bank India will now give an interest rate of 3.75%, and the bank is also offering an interest rate of 3.50% on fixed deposits maturing in 701 days to 731 days. The bank now promises a maximum interest rate of 6% on fixed deposits with maturities between 732 days and less than 36 months, and it will give a rate of 4.00% on term deposits with maturities between 36 months and 60 months.
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“Fixed Deposit Interest Rates for Resident with effect from Thursday, 25 August 2022," said HSBC Bank India on its website.
HSBC Bank India offers an additional interest rate benefit of 0.50% or 50 bps over and above the standard rates on fixed deposits across all tenors. For the same, the bank has mentioned on its website that “A senior citizen is defined as a person above the age of 60 years. Senior Citizens' Interest Rates are applicable only to Resident Indians on Domestic Fixed Deposits. Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Term Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said term deposit."
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