Interest rates

HDFC Bank raises interest rates on fixed deposits below Rs 2 crore; check updated rates here

Representative image. AFP

Banks have raised their fixed deposit (FD) interest rates after the Reserve Bank of India (RBI) started raising the repo rate since May this year. Taking inspiration from the RBI, HDFC Bank raised interest rates on fixed deposits (FD) below Rs 2 crore. The revised interest rates came into effect on November 8. Rates were raised by up to 35 basis points (bps) on deposits of various maturities. On FDs maturing in 7 days to 10 years, the bank offers interest between 3% and 6.25% to the general public. For seniors, these rates are between 3.5% and 7%. Banks like ICICI Bank, Kotak Mahindra Bank, State Bank of India (SBI), Axis Bank, IDFC First Bank and RBL Bank have also increased interest on term deposits recently.

Check the latest rates here

HDFC Bank grants an interest rate of 3% for deposits maturing in 7 to 29 days. For term deposits maturing in 30 to 45 days, the bank offers 3.5% interest. Deposits with a term of 46 to 60 days will earn 4% interest. The private sector lender offers 4.5% interest on deposits that mature between 61 days and 6 months. The interest rate for deposits with a maturity of 6 months 1 day to less than 9 months is 5.25%. For deposits maturing in 9 months, 1 day to less than one year, the interest rate is 5.5%.

The lender offers 6.1% 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 increased the interest rate from 6.15% to 6.40%.

For deposit schemes maturing between 18 months and 2 years, the bank offers an interest rate of 6.5%. On 2-year, 1-day to 5-year deposits, the bank raised the interest rate from 6.25% to 6.5%. For FDs maturing in 5 years 1 day to 10 years, the bank raised the interest rate to 6.25%.

Senior rates

People over the age of 60 will benefit from an additional interest of 50 basis points above the standard rate on deposits maturing between 7 days and 5 years.

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