HDFC Bank has reduced fixed deposit interest rates on select tenures. After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 1 October 2023. The bank has reduced the tenure on FD of 4 Years 7 months or 55 months by 5 bps. Earlier, India’s largest private sector bank was giving a 7.25 per cent interest rate to general citizens on FD of this particular tenure, and 7.75% to the elderly.
Apart from HDFC Bank, IndusInd Bank, Punjab & Sindh Bank have also revised FD interest rates on their term deposits.
IndusInd Bank revises FD rates
The private sector lender IndusInd Bank has revised its interest rates on fixed deposits of less than ₹2 crore Following the revision, the bank is now offering interest rates ranging from 3.50% to 7.85% for the general public and 4.25% to 8.25% for senior citizens. According to the bank’s official website, these rates are effective from 1 October 2023.
Punjab & Sindh Bank revises FD rates
The public sector lender Punjab & Sind Bank (PSB) has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the change, the bank is now providing interest rates ranging from 2.8% to 7.35% on deposits maturing in seven days to ten years.
“Senior Citizens shall be given the benefit of additional interest of 0.50% on term deposits of less than Rs. 2 crore, over and above the mentioned rates for the maturity of 180 days & above on fresh as well as on renewal of term deposits,” the lender mentioned on its website
“Super Senior Citizens (80 Years and above) shall be given the benefit of additional interest of 0.15% on a specific period (i.e. 333 Days,444 Days & 555 Days) Term Deposits of less than Rs. 2 crore, for the maturity of 180 days & above on fresh as well as on a renewal of term deposits,” noted the lender.
The revision comes just ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023. India’s monetary policy committee is widely expected to keep key rates on hold when it announces its decision on Friday. The RBI has maintained the status quo on key rates for the last three MPC meetings.
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Updated: 04 Oct 2023, 03:13 PM IST