The country’s largest private bank HDFC Bank has increased interest rates on fixed deposits of select tenors. The new rates have come into force with immediate effect. However, there has been no change in the rate of interest on certain tenor deposits.
The country’s largest private bank HDFC Bank has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore. The new rates are effective from today Wednesday. The bank has increased the rates on deposits of different tenors.
HDFC Bank will continue to pay 2.5 per cent interest on fixed deposits maturing in 7 to 29 days. This means that no changes have been made in it. At the same time, the interest rate on deposits maturing in 30 to 90 days will remain only 3 percent. The bank has announced to give 3.5 percent interest rate to the common people on fixed deposits maturing in 91 days to 6 months. At the same time, interest at the rate of 4.4 percent will continue on fixed deposits maturing in 6 months 1 day to 9 months.
The bank will now pay 4.5 percent interest instead of 4.4 percent on fixed deposits with tenures ranging from 9 months 1 day to less than 1 year. At the same time, there has been no change in the interest rate on deposits maturing in 1 to 2 years. For this period, HDFC Bank will pay interest at the rate of 5.1 percent.
At the same time, the interest on deposits maturing in 2 years 1 day to 3 years, where 5.2 percent interest was available earlier, has now been increased to 5.4 percent. HDFC Bank will now pay 5.6 per cent interest on deposits maturing in 3 years 1 day to 5 years instead of 5.45 per cent. Earlier, the interest rate on deposits maturing in 5 years 1 day to 10 years was 5.6%. Now it has been increased to 5.75 percent.
This scheme for senior citizens
As far as senior citizens are concerned, they will continue to get an additional interest rate of 0.5 per cent on deposits from 7 days to 5 years. At the same time, HDFC Bank is running a special fixed deposit scheme for senior citizens named Senior Citizen Care. In this, the interest rate on deposits of 5 years 1 day to 10 years will be 0.25 percent higher than the existing premium of 0.5 percent. It will remain in force till September 30, 2022.
