HDFC Bank is the latest private sector lender to announce a rate hike for the fixed deposit (FD) holders. Reserve Bank of India (RBI) maintained status quo in its bi-monthly monetary policy in February. Since then, several banks have increased interest rates on fixed deposits. Considered as one of the safest investment option, fixed deposit is an instrument through which you grow a lump sum at a fixed interest rate over a fixed time. Both banks and non-banking financial companies (NBFCs) offer fixed deposits spread across different tenors.
HDFC Bank Hikes FD Interest Rates
HDFC Bank has recently raised the interest rates on FDs worth less than Rs 2 crore. The new rates will be effective from February 14, according to HDFC Bank website.
The private lender is offering an interest of 2.5 per cent for FDs maturing between 7 days to 29 days, 3 per cent to 30 days to 90 days and 3.5 per cent to 91 days to six months. For FDs maturing between six months to less than a year, the interest rate will 4.40 per cent.
If you are putting money in fixed deposit for a year, the interest rate will be 5 per cent. Your fixed deposit will fetch the same amount of interest for the tenure up to two years. Long term fixed deposits maturing in two years one day to three years, will attract an interest rate of 5.30 per cent.
HDFC Bank will offer an interest rate of 5.45 per cent for FDs maturing between three years one day to five years. Investors will get an interest of 5.60 per cent for FDs maturing between five years one day to 10 years.
Earlier in January, HDFC Bank hiked the interest rate for FDs worth less than Rs 2 crore by five to ten basis points. So this was the second time lender had offered a raise in interest rates for FDs in two months.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the HDFC Bank from February 14, 2022:
7 days to 14 days: For General Public – 2.50 per cent; For Senior Citizens – 3.00 per cent
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 – 4.40 per cent; For Senior Citizens – 4.90 per cent
1 year: For General Public – 5.00 per cent; For Senior Citizens – 5.50 per cent
1 year 1 day to 2 years: For General Public – 5.00 per cent; For Senior Citizens – 5.50 per cent
2 years 1 day to 3 years: For General Public – 5.20 per cent; For Senior Citizens – 5.70 per cent
3 years 1 day to 5 years: For General Public – 5.45 per cent; For Senior Citizens – 5.95 per cent
5 years 1 day to 10 years: For General Public – 5.60 per cent; For Senior Citizens – 6.35 per cent
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