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.
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 Tenure||Interest Rates (%) For General Citizens||Interest Rates (%) For Senior Citizens|
|15 days to 29 days||2.50||3.00|
|30 days to 45 days||3.00||3.50|
|46 days to 60 days||3.00||3.50|
|61 days to 90 days||3.00||3.50|
|91 days to 120 days||3.50||4.00|
|6 months 1 days to 9 months||4.40||4.90|
|9 months 1 day to less than a year||4.45||5.00|
|1 year 1 day to 2 years||5.10||5.60|
|2 years 1 day to 3 years||5.40||5.90|
|3 years 1 day to 5 years||5.60||6.10|
|5 years 1 day to 10 years||5.75||6.50|
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.