According to HDFC Bank’s website, it has increased the interest rates of FDs for tenures of 7 to 29 days from 2.75 per cent to 3 per cent, which is an increase of 25 bps. Rate of interest Fixed deposit The maturity period of 30 to 60 days has been increased by 25 basis points from 3.25% to 3.50%. On fixed deposits payable in 61 days to 89 months, HDFC Bank will now offer an interest rate of 4 per cent as against 3.25% earlier, an increase of 75 bps.
On fixed deposits ranging from 90 days to 6 months, HDFC Bank will now offer an interest rate of 4.25%, as against 3.7% earlier. FD tenors from one year to two years will now yield 5.50% from 5.35%, an increase of 15 basis points. Earnings of 5.50 per cent will continue on FDs with a tenure of two years, from one day to three years. The bank has increased the interest rate by 40 bps to 6.10% from 5.70% five years ago for a one-day tenure of three years.
The interest rate on fixed deposits maturing in 6 months, 1 day to 9 months has been increased from 4.65 percent to 5%. The interest rate on fixed deposits maturing in 9 months, 1 day to less than 1 year has been increased from 4.65% to 5%, an increase of 35 basis points.
On fixed deposits maturing in less than two years in a year, the bank will now offer an interest rate of 5.70% with an increase of 20 basis points from 5.50%. Deposits maturing in two years, one day, three years will now attract an interest rate of 5.80% from 5.50% earlier, an increase of 30 basis points.
Term deposits maturing in 3 years, 1 day to 5 years will continue to earn interest rate of 6.10%, while deposits maturing in 5 years, 1 day to 10 years will now attract 6% instead of 5.75%.
Source: HDFC Bank
premature shutdown
According to HDFC Bank’s website, “For premature closure (for all amounts, and inclusive of sweep in/partial withdrawals), the last applicable rate shall be less than 1% of the following: a) rate for the principal / contracted period for which the deposit is booked or b) the base rate applicable for the period for which the deposit is with the bank, excluding deposits booked with the period 7-14 days.
senior citizens
On deposits maturing in 7 days to 10 years, HDFC Bank offers an additional rate benefit of 0.50 per cent over the standard rate to elderly customers.