Notwithstanding the Reserve Bank of India (RBI) keeps repo rate constant at 6.5 percent, HDFC Bank has raised its interest rates on fixed deposits (FDs). The new rates will come into effect from Feb 9 i.e., Friday.
The private sector bank offers special interest rate of 7.20 percent on a tenure of 35 months and 7.25 per cent of 55 months.
On a one-year term deposit, the bank offers 6.60 percent to regular citizens and 7.10 percent to senior citizens.
The interest rate rises to 7.10 percent on a tenure of 15 months to 18 months. The interest rate rises further 7.25 percent on FDs with tenure of 18-21 months.
When the tenure is between 21 months to 2 years 11 months, the interest rate is 7 percent. When the tenure increases to 2 years 11 months to 35 months, the interest rate is 7.15 per cent.
On a tenure between 2 years 11 months 1 day to 4 years 7 months, interest rate is 7 per cent. On a tenure between 4 years 7 months to 55 months, the bank offers interest rate of 7.20 percent.
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And when the tenure rises further up to 5 years, the interest rate is 7 per cent for regular citizens and 7.50 percent for senior citizens.
On short term deposits, the private sector bank offers an interest rate that ranges between 3 to 6 percent.
For instance, on a tenure between 7 days to 29 days, interest rate is 3 percent and on a tenure between 46 days to 6 months, HDFC Bank offers 4.5 per cent.
Notably, senior citizen rates do not apply to Non Resident Indians (NRIs) and minimum tenure for NRE deposit is 1 year.
Other FD rate hikes
Recently, IndusInd Bank revised its interest rates on fixed deposits of less than ₹2 crore with effect from Feb 6.
Additionally, Axis Bank has hiked the fixed deposit interest rates for amounts below ₹2 crore with effect from Feb 5, 2024.
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Published: 09 Feb 2024, 01:24 PM IST