HDFC Bank Hikes Fixed Deposit Interest Rates: HDFC Bank, India’s biggest private sector lender, is the latest to jump into the bandwagon of other banks hiking their fixed deposit interest rates. The HDFC Bank fixed deposit interest rate hike has been implemented across different tenors. The new rates will be applicable for fixed deposits below Rs 2 crore. The HDFC Bank FD interest rate hike comes two weeks after the Reserve Bank of India increased its repo rates by 40 basis points to tackle inflation rates.
The new rates have come into effect for HDFC Bank FDs with tenors of over nine months. The new HDFC Bank FD interest rate hike ranges from 10 to 20 basis points, depending upon the tenor, with senior citizens getting returns of 0.50 per cent extra. The HDFC Bank Fixed Deposit interest rate hike has come into effect from May 18, 2022 and are applicable for deposits below Rs 2 crore, the bank has said on its website.
“An Additional Premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) 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.,” the bank has further said on its website.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the HDFC Bank from May 18, 2022:
15 days to 29 days: For General Public – 2.50 per cent; For Senior Citizens – 3.00 per cent
30 days to 45 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
46 days to 60 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
61 days to 90 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
91 days to 120 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
6 months 1 days to 9 months: For General Public – 4.40 per cent; For Senior Citizens – 4.90 per cent
9 months 1 day to less than a year: For General Public – 4.45 per cent; For Senior Citizens – 5.00 per cent
1 year: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
1 year 1 day to 2 years: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
2 years 1 day to 3 years: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
3 years 1 day to 5 years: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
5 years 1 day to 10 years: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent
The HDFC Bank FD rate hike comes at a time when other banks including SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjjab National Bank and others have already increased their FD rates following the repo rate hike by the RBI.
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