HDFC Bank Hikes FD Interest Rates, Check New List

HDFC Bank, a financial institution, and India’s largest private sector lender is the last to join the line of major lending institutions increasing their Fixed Deposit or FD interest rates. The bank has hiked the interest rates for FDs having different tenures valued below ₹2 Cr. The hike from HDFC Bank has come after two weeks since the Reserve Bank of India has raised its repo rates by 40 basis points to 4.40 per cent to tame the surging inflation.

HDFC Bank Hike For Specific Tenures

Hike For Specific Tenures

FDs having tenures over nine months will get affected by the HDFC Bank hike which will increase their interest rates. The latest hike will contribute 10 bps to 20 bps in FD rates, depending on their tenures. On the other hand, senior citizens will continue to get an extra 0.50 per cent additional interest rate apart from the hike. These modified rates are already in effect from May 18, 2022, and are applicable for the only investors purchasing an FD valued below ₹2 Cr.

The official website of the HDFC Bank said, “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.”

Here’s The Revised List of HDFC Bank Interest Rates For FDs Valued Below ₹2Cr From May 18, 2022:

FD TenureInterest Rates (%) For General Citizens Interest Rates (%) For Senior Citizens
15 days to 29 days2.503.00
30 days to 45 days3.003.50
46 days to 60 days 3.00 3.50
61 days to 90 days 3.00 3.50
91 days to 120 days3.504.00
6 months 1 days to 9 months4.404.90
9 months 1 day to less than a year4.455.00
1 year5.105.60
1 year 1 day to 2 years5.105.60
2 years 1 day to 3 years5.405.90
3 years 1 day to 5 years5.606.10
5 years 1 day to 10 years5.756.50

Also read:

RBI May Increase The Lending Rates Again In June

Following the repo rate hike by RBI, the banks including SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank and others have already increased their FD interest rates.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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