 "HDFC Bank hikes interest rates on fixed deposits below Rs 2 crore; check updated rates here")
Banks have been raising their interest rates on fixed deposits (FDs) after the Reserve Bank of India (RBI) started hiking the repo rate since May this year. Taking a cue from the RBI, HDFC Bank has raised the interest rates on fixed deposits (FDs) below Rs 2 crore. The revised interest rates came into effect on 8 November. The rates have been raised by up to 35 basis points (bps) on deposits of various tenors. On FDs maturing in 7 days to 10 years, the bank is offering interest between 3 percent and 6.25 percent to the general public. For senior citizens, these rates are between 3.5 percent and 7 percent. Banks like ICICI Bank, Kotak Mahindra Bank, State Bank of India (SBI), Axis Bank, IDFC First Bank and RBL Bank have hiked interest on term deposits recently as well.
Check the latest rates here
HDFC Bank is giving an interest rate of 3 percent for deposits maturing in 7 to 29 days. For term deposits maturing 30 to 45 days, the bank is offering 3.5 percent interest. Deposits with a term of 46 to 60 days will earn 4 percent interest. The private sector lender is offering 4.5 percent interest on deposits that mature in 61 days to 6 months. The interest rate for deposits maturing in 6 months 1 day to less than 9 months stands at 5.25 percent. For deposits maturing in 9 months, 1 day to less than a year, the rate of interest is 5.5 percent.
The lender is offering 6.1 percent interest for term deposits ranging from 1 year to less than 15 months. For deposits of 15 months to less than 18 months, the bank has increased the interest rate from 6.15 percent to 6.40 percent.
For deposit schemes maturing in 18 months to 2 years, the bank is offering an interest rate of 6.5 percent. On deposits of 2 years, 1 day to 5 years, the bank has raised the interest rate to 6.5 percent from 6.25 percent. For FDs maturing in 5 years 1 day to 10 years, the bank has hiked the interest rate to 6.25 percent.
Rates for senior citizens
Senior citizens above the age of 60 years, will get 50 bps additional interest over the standard rate on deposits maturing in 7 days to 5 years.
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