HDFC Bank Hikes FD Rates: There is good news for those who have hard earned money in the form of fixed deposits in banks. The country’s largest private bank HDFC Bank has announced to increase interest rates on fixed deposits. HDFC Bank has decided to increase interest rates by up to 0.40 per cent on FDs of less than Rs 2 crore. The decision to increase the interest rates on FD has come into effect from 18 August 2022.
HDFC Bank FD Rates
HDFC Bank has decided to give 2.75 percent interest rates on FDs of 7 to 29 days, then 3.25 percent interest will be available on FDs of 30 to 89 days. The interest rate on FDs ranging from 90 days to 6 months has been retained at 3.75 percent. FDs with a tenure of 6 months to less than one year will get 4.65 percent interest. The interest rates on FDs up to one year have been increased from 5.35 percent to 5.50 percent. 5.50 percent interest will be available on FDs of one year to one day to 2 years. 5.50 percent interest will be available on FDs of 2 years 1 day to 3 years. So the interest rates on FDs with tenures ranging from 3 years 1 day to 5 years have been increased by 40 basis points. The interest rate on FDs with this tenure has been increased from 5.70 percent to 6.10 percent.
Higher interest to senior citizens
FDFC Bank has retained the interest rates on FDs with a tenure of 5 to 10 years at 5.75 per cent. HDFC Bank is giving the highest interest of 6.10 percent on FDs with a tenor of 3 years 1 day to 5 years. On the other hand, senior citizens will get 0.50 percent more and 6.60 percent interest.
Many banks increased interest on FD
Before HDFC Bank, many banks including Kotak Mahindra Bank, SBI to Bank Baroda have decided to increase the interest rates on FD. After the decision of RBI to increase the repo rate, banks are making loans costlier one after the other, as well as increasing interest rates on FDs and recurring deposits.
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