For fixed deposits below ₹2 crore, the private sector lender HDFC Bank has increased interest rates. The new rates will take effect on August 18, 2022, according to the bank’s official website. After the modification, the bank increased interest rates across a range of tenors by as much as 40 bps. The bank currently offers interest rates on fixed deposits with maturities ranging from seven days to ten years that range from 2.75 per cent to 5.7 per cent for the general public and from 3.2 per cent to 6.5 per cent for senior citizens.
HDFC Bank FD Rates
The bank will still give a 2.75% interest rate on fixed deposits maturing in 7 to 29 days, while HDFC Bank will still offer a 3.25% interest rate on term deposits maturing in 30 to 89 days. The interest rate on fixed deposits with maturities between 90 days and six months will remain at 3.75%, while the interest rate on fixed deposits with maturities between six months and one day and less than one year will remain at 4.65%.
On fixed deposits that mature in one year, HDFC Bank increased the interest rate by 15 basis points, from 5.35% to 5.50%, and on fixed deposits that mature in one year, one day, to two years, the interest rate has been increased by 15 basis points to 5.50%. The bank will continue to give an interest rate of 5.50% on fixed deposits maturing in 2 years, 1 day, to 3 years, and it has increased the interest rate by 40 basis points from 5.70% to 6.10% on fixed deposits maturing in 3 years, 1 day, to 5 years.
The interest rate on fixed deposits from HDFC Bank will remain constant at 5.75% for maturities between 5 years and 10 years. On fixed deposits maturing in 3 years 1 day- 5 years HDFC Bank is now offering the highest interest rate of 6.10% for the general public and 6.60% for senior citizens.
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HDFC Bank has mentioned on its website that “The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non leap year.The period of Fixed Deposit is calculated in number of days.”
Senior citizens will continue to get an additional interest rate of 0.50% over the standard rate on fixed deposits maturing in 7 days to 5 years. Senior citizens will get an additional interest rate of 0.75% at 6.50% per year on fixed deposits maturing in 5 years, 1 day to 10 years.
“An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’2022. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian,” said HDFC Bank on its website.
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