HDFC raises FD rates on deposits under Rs 2 cr; to pay 7.75% to seniors

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HDFC Bank raised the fixed deposit rates for deposits below Rs 2 crore. It is the second bank after State Bank of India to raise fixed deposit rates in this deposit category. For general citizens, the bank offers interest rates between 3% and 7.25% on tenures ranging from 7 days to 10 years. The highest interest rate is 7.25% on tenures of 18 months to less than 21 months. For senior citizens the maximum rate offered is 7.75%.

The new rates become effective from June 10, 2024.

At present, the bank gives interest of between 3-7.25% on its fixed deposit schemes of varying tenure.

HDFC Bank rates

HDFC Bank currently gives a 3% interest rate on fixed deposits maturing between 7 and 29 days for general citizens. Deposits between 30 and 45 days earn 3.50% interest, while FDs maturing between 46 days and less than six months would receive 4.50% interest. For deposits between six months and one day and less than nine months, the bank gives a 5.75% interest rate. The bank will give a 6% interest rate on deposits maturing between nine months and one day and less than one year. FDs maturing between one year and less than 15 months earn a 6.60% interest rate, while FDs maturing between 15 months and less than 18 months get a 7.10% interest rate. The bank pays 7.25% on tenure of 18 months to less than 21 months.

HDFC Bank will now pay 7% rate on deposits between 21 months and less than two years and eleven months. The bank offers 7.15% from 7% on tenure of 2 years 11 months to less than 3 years and 2 years 1 day to less than 2 year 11 months. The bank has hiked by 20 basis points to 7.20% from 7% on 3 years 1 day to less than 4 years 7 months and 4 year 7 months 1 day less than 5 years. The bank offers 7% on tenure of 5 years 1 day – 10 years.

Rate for seniors The bank offers interest rates between 3.5% to 7.75% on tenures ranging from 7 days to 10 years for general citizens. The bank offers the highest interest rates of 7.75% on tenure of 18 months to less than 21 months.