HDFC Bank Revises Fixed Deposit Interest Rates
HDFC Bank has revised its fixed deposit (FD) interest rates on select maturities. This is the second time in a month that HDFC Bank has revised its FD rates. According to the latest HDFC Bank FD rates, the bank is offering 3.50 per cent interest rate on maturity period of 7-14 days to the general public on FDs of up to Rs 2 crore. On maturity periods such as 30-45 days and 46-60 days, the bank is offering an interest rate of 5.15 per cent and 5.65 per cent respectively to the general public. Previously, the public sector bank paid interest rates of 5.50 per cent and 6 per cent on these FD maturities respectively.
On fixed deposits of a one-year maturity period, the private sector bank has lowered its interest rates by 20 basis points. After the recent revision, HDFC Bank is offering interest at the rates of 6.90 per cent and 7.40 per cent on such fixed deposits to the general public and senior citizens respectively.
Here are the interest rates applicable to HDFC Bank's fixed deposits (FD) below Rs 2 crore with effect from August 30, 2019, according to hdfcbank.com:
| Period | < 2 Crore | |
|---|---|---|
| General public rates(per annum) | Senior Citizen Rates (per annum) | |
| 7-14 days | 3.50% | 4.00% |
| 15-29 days | 4.25% | 4.75% |
| 30-45 days | 5.15% | 5.65% |
| 46-60 days | 5.65% | 6.15% |
| 61-90 days | 5.65% | 6.15% |
| 91 days-6 months | 5.65% | 6.15% |
| 6 mnths 1 day- 9 mnths | 6.25% | 6.75% |
| 9 mnths 1 day- < 1 Year | 6.35% | 6.85% |
| 1 Year | 6.90% | 7.40% |
| 1 year 1 day- 2 years | 6.80% | 7.30% |
| 2 years 1 day- 3 years | 7.10% | 7.60% |
| 3 year 1 day- 5 years | 7.00% | 7.50% |
| 5 years 1 day- 10 years | 7.00% | 7.50% |
Fixed deposit interest rates are subject to change from time to time. Earlier this week, State Bank of India (SBI) reduced its FD rates by 10-50 basis points (or 0.10-0.50 percentage point) across tenors in retail segment and bulk segment saw a reduction of 30-70 basis points (or 0.30-0.70 percentage point).