HDFC Bank revises interest rates on these fixed deposits: Details inside

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The interest rates on fixed deposits of more than 2 crore to 5 crore have been revised by private sector lender HDFC Bank. According to the bank’s official website, the new rates take effect on August 25, 2022. Following the revision, the bank is now providing an interest rate on fixed deposits maturing in 7 days to 10 years of 3.50% to 5.90% for the general public and 4.00% to 6.65% for senior citizens.

HDFC Bank FD Rates

On fixed deposits maturing in 7 days to 29 days, the bank is now offering an interest rate of 3.50% and on fixed deposits maturing in 30 – 45 days, the bank will now promise an interest rate of 3.60%. Fixed deposits maturing in 46 – 60 days will now offer an interest rate of 4.00% and term deposits maturing in 61 – 89 days will now fetch an interest rate of 4.75%. HDFC Bank will now offer an interest rate of 5.25% on fixed deposits maturing in 90 days to 6 months and the bank will now promise an interest rate of 5.50% on fixed deposits maturing in 6 months 1 day to 9 months. The bank will now give an interest rate of 5.70% on fixed deposits maturing in 9 months, 1 day to 1 year and 6.05% on term deposits maturing in 1 year to 3 years. Fixed deposits with maturities between three years and five years will now earn an interest rate of 6.10% from HDFC Bank, while term deposits with maturities between five years and ten years will now receive an interest rate of 5.90%.

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HDFC Bank FD Rates (hdfcbank.com)

On these bulk deposits, HDFC Bank also offers an additional rate of 0.50% on fixed deposits maturing in 7 days to 5 years and an additional interest rate of 0.75% on fixed deposits maturing in 5 years to 10 years. For the same, HDFC Bank has mentioned on its website considering senior citizens that “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.”

On August 18, 2022, HDFC Bank last hiked the interest rates on fixed deposits below 2 Cr. In accordance with the revised, the bank raised interest rates by as much as 40 basis points (bps) for a variety of tenors. For fixed deposits with maturities spanning from seven days to ten years, the bank now provides interest rates that vary from 2.75 per cent to 5.7 per cent for non-senior citizens and from 3.2 per cent to 6.5 per cent for senior citizens.

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