After SBI, HDFC Bank has increased the interest rate on fixed deposits. The bank has increased the interest rate on term deposits by up to 75 basis points. The bank is now offering a rate of up to 7.75 per cent to senior citizens.
HDFC Bank Revised FD Rates: HDFC Bank, the largest private sector bank, has increased the interest rate on fixed deposits by up to 75 basis points. The new interest rate is applicable from December 14 only.
According to the information available on the bank’s website, the minimum interest rate on FDs below Rs 2 crore has been reduced to 3 per cent and the maximum interest rate to 7 per cent. The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.75 percent.
New interest Rate on Term Deposit of Less Than 2 Crores
According to the information available on the bank’s website, the new interest rate on term deposits of less than 2 crores has been 3 per cent for 7-14 days, 3 per cent for 15-29 days, 3.50 per cent for 30-45 days.
The interest rate on FDs with terms between 46 days and six months has increased to 4.50%. The interest rate for FDs with terms ranging from six days to nine months has increased to 5.75 percent.
maximum interest rate of 7%
The interest rate on FDs with terms ranging from nine months and a day to less than a year has increased to 6%. The interest rate on term deposits with terms of one year or less than fifteen months has increased to six and fifty percent. FDs with terms ranging from 15 months to 10 years will have an interest rate of 7 percent.
Senior Citizens Will Get interest Up to 7.75 Percent
Senior citizens will get at least 3.50 percent interest. The interest rate on FDs ranging from 5 years 1 day to 10 years is 7.75 percent. This is 75 basis points more than the average citizen. An additional benefit of 25 basis points has been given in this. HDFC Bank implemented a scheme on 18 May 2020 which will run till 31 March 2023.
Under this scheme, senior citizens will get an additional benefit of 25 basis points in interest on fixed deposits of less than 5 crores for a period ranging from 5 years 1 day to 10 years. This will be over and above the senior citizen premium of 50 basis points.
SBI Has Also increased Interest on Fixed Deposits
SBI made the decision to raise the interest rate on FDs on December 13. Incentives of at least 3% and as much as 6.75% are currently being offered by State Bank of India on fixed deposits under INR 2 crore.
Senior folks will benefit from a distinct reduction in interest rates of 50 basis points. Under the SBI Wecare programme, there will be an additional 50 basis point benefit in interest. The bank offers older citizens interest rates starting at 3 percent and going up to 7.75 percent.
