Home Business HDFC Bank Hikes Fixed Deposit Interest Rates; Check Latest FD Rates

HDFC Bank Hikes Fixed Deposit Interest Rates; Check Latest FD Rates

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HDFC Bank Hikes Fixed Deposit Interest Rates; Check Latest FD Rates

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HDFC Bank FD Rates: HDFC Bank has hiked its fixed deposit rates along with its recurring deposit. The private lender has increased interest rates across tenors by as up to 40 basis points (bps). These new rates announced will be effective from August 18, 2022. This move comes on the heels of the Reserve Bank of India hiked repo rates by 50 basis points in its monetary policy meeting on August 8, 2022.

Meanwhile, on recurring deposits with terms ranging from 6 months to 120 months, HDFC Bank offers interest rates in the range of 3.75 per cent to 6.10 per cent for regular citizens and for senior citizens it ranges from 4.25 per cent to 6.60 per cent.

Here are the revised interest rates on fixed deposits below Rs 2 crore at the HDFC Bank (per annum) effective from August 18: 

7 days to 14 days: For General Public – 2.75 per cent; For Senior Citizens – 3.25 per cent

15 days to 29 days: For General Public – 2.75 per cent; For Senior Citizens – 3.25 per cent

30 days to 45 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent

46 days to 90 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent

91 days to 179 days: For General Public – 3.75 per cent; For Senior Citizens – 4.25 per cent

180 days to 270 days: For General Public – 4.65 per cent; For Senior Citizens – 5.15 per cent

271 days to less than 1 year: For General Public – 4.65 per cent; For Senior Citizens – 5.15 per cent

1 year: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 1 year to 2 years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 2 Years to 3 Years: For General Public – 5.50 per cent; For Senior Citizens – 6.00 per cent

Above 3 years to 5 years: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent

Above 5 years to 10 years: For General Public – 6.10 per cent; For Senior Citizens – 6.60 per cent

1111 days: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent

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 per cent 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 per cent at 6.50 per cent per year on fixed deposits maturing in 5 years, 1 day to 10 years.

“An Additional Premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) 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.

Good News For Customers?

While the increases may improve the returns for savers, the rates remain well below those from the equity markets, especially since the interest earned is taxable.

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