HSBC India revises interest rates on fixed deposits of less than ₹2 Cr
Premium- The leading international bank, HSBC Bank, has adjusted its interest rates for fixed deposits under ₹2 Cr
The leading international bank, HSBC Bank, has adjusted its interest rates for fixed deposits under ₹2 Cr. The new rates are in effect as of September 12, 2022, according to the bank's official website. HSBC Bank India has said on its website that “Fixed Deposit Interest Rates for Resident with effect from Monday, 12 September 2022." Following the modification, the bank is now providing fixed deposits with maturities ranging from 7 days to 60 months with interest rates ranging from 2.50% to 4.00%.
HSBC India FD Rates
The bank will now give a 2.50% interest rate on fixed deposits maturing in 7 days and a 2.60% interest rate on term deposits maturing in 8 days to 14 days. A new interest rate of 2.85% will be offered on fixed deposits maturing in 15 to 29 days, and a fresh interest rate of 3.10% will be offered on term deposits maturing in 30 to 59 days. For fixed deposits maturing in 60 to 89 days, HSBC India will now give an interest rate of 3.30%, and for term deposits maturing in 90 to 179 days, the bank will now offer an interest rate of 3.50%.
On fixed deposits maturing in 180 Days, the bank is now offering an interest rate of 3.75% and on term deposits maturing in 181 to 269 days, the bank is now promising an interest rate of 3.00%. Fixed deposits with maturities between 270 and 399 days now have an interest rate of 3.10%, while term deposits with maturities of 400 days now have a 3.25% interest rate. HSBC Bank India will now offer an interest rate of 5.75% on fixed deposits maturing from 401 Days to less than 18 months and the bank is now promising an interest rate of 3.30% on term deposits maturing in 18 months to 599 days.
On fixed deposits maturing in 600 days, the bank is now offering an interest rate of 3.75% and on term deposits maturing in 601 to 699 days, the bank is now offering an interest rate of 3.30%. On fixed deposits maturing in 700 days, the bank is now offering an interest rate of 3.75% and on term deposits maturing in 701 days to 731 days the bank is now promising an interest rate of 3.50%. Fixed deposits maturing in 732 days to less than 36 months will fetch a maximum interest rate of 6.00% while term deposits maturing in 36 months to 60 months will fetch an interest rate of 4%.
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HSBC India 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."
“With effect from 01 October 2013, fixed deposits will attract a penal rate of 1%, on premature withdrawal, irrespective of the amount placed under the fixed deposit, the date of placement or the date of premature withdrawal. The interest paid will be lower by the Penal Rate i.e. 1%, from the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower," HSBC Bank has stated on its website.
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