According to the bank’s website, HDFC Bank is now offering 2.50 percent interest rate on deposits maturing 7 to 29 days and 3 percent on FDs with maturity of 30 to 90 days. 3.5 percent for FDs with maturities of 91 days to 6 months, and 4.4 percent for FDs with maturities of 6 months to 1 day to less than one year. The bank is offering 4.9 per cent on one year FD.
On FDs maturing in one year and two years, HDFC Bank has increased interest rates by ten basis points (bps); These will now earn 5% interest rate.
In addition, HDFC Bank will continue to offer a bonus rate of 25 basis points of interest to senior citizens.
other banks FD rates
In comparison, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with different tenors ranging from 7 days to 10 years. ICICI Bank FD rates range between 2.5-5.5% for tenures ranging from 7 days to 10 years.
Beginning of a trend reversal?
Non-Banking Finance Companies (NBFCs) like Bajaj Finance and HDFC have also announced hike in FD rates. In what could be interpreted as the first signs of a possible directional change in broad interest costs, Bajaj Finance and HDFC raised rates by up to 30 basis points for deposits of up to five years.
This increase is from the Reserve Bank of India (reserve Bank of India) Bi-monthly monetary policy review next week.