HDFC Bank has revised its fixed deposit interest rates with effect from October 30, 2019. After the revision, HDFC Bank pays interest rates in the range of 3.50-6.85 per cent to the general public on fixed deposits (FD) up to Rs 2 crore, over maturity periods ranging from seven days to 10 years, according to private sector lender's website - hdfcbank.com. The bank pays slightly higher returns to senior citizen customers. In the same range of maturity options, the bank pays interest rates to the tune of 4-7.35 per cent to senior citizens on these FDs. (Also read: SBI's New Interest Rates On Savings Deposit To Take Effect From November 1)
HDFC Bank offers an interest rate of 6.45 per cent to the general public on fixed deposits up to Rs 2 crore over a maturity period of one year. On FDs of a lock-in period - or term - of one year and one day to two years, the bank provides an interest rate of 6.45 per cent to the general public and 6.95 per cent to senior citizens. respectively, according to the HDFC Bank website.
Here are the interest rates offered by HDFC Bank on FDs up to Rs 2 crore with effect from October 30:
|Maturity period (term)||Interest rate|
|General public||Senior citizen|
|Seven - 14 days||3.50%||4.00%|
|15 - 29 days||4.00%||4.50%|
|30 - 45 days||4.90%||5.40%|
|46 - 60 days||5.40%||5.90%|
|61 - 90 days||5.40%||5.90%|
|91 days - six months||5.40%||5.90%|
|Six months and one days - nine months||6.00%||6.50%|
|Nine months and one day to less than one year||6.25%||6.75%|
|One year and one day - two years||6.45%||6.95%|
|Two years and one day - three years||6.85%||7.35%|
|Three years and one day - five years||6.75%||7.25%|
|Five years and one day - 10 years||6.75%||7.25%|
(Source: HDFC Bank)
Fixed deposit interest rates are subject to change from time to time. Earlier this month, State Bank of India (SBI), ICICI Bank and Punjab National Bank (PNB) revised their FD rates.
The Reserve Bank of India (RBI) has so far this year reduced the repo rate by a total 135 basis points in five consecutive bi-monthly policy reviews. The central bank will release its fifth bi-monthly policy statement of the current financial year on December 5.