has increased Fixed deposit (FD) interest rates after a gap of two months. The bank has increased FD rates by up to 40 basis points, and the new interest rates are effective from August 18, 2022. These rates are applicable for FD amount less than Rs 2 crore.

According to HDFC Bank’s website, it will now earn 15 basis points from 5.35 per cent to 5.50 per cent in the one-year to two-year tenure. Tenure of two years, earning 5.50 per cent from one day to three years will continue. The bank has increased the interest rate from 5.70 per cent earlier to 6.10 per cent for tenures ranging from one day to five years of three years.

Latest HDFC Bank FD Interest Rates

Source: HDFC Bank website

Banks increased FD rates

On August 8, 2022, Reserve Bank of India (RBI) increased the repo rates by 50 basis points; This is the third time since May 2022 that the central bank has hiked key rates. Banks have been increasing FD rates since then, which is good news for investors who have been earning low interest rates for decades.

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