HDFC Bank hikes fixed deposit interest rates by up to 20 basis points

HDFC Bank now offers interest rates from 3% to 7.40% for deposit tenures ranging from 7 days to 10 years.

By Anshul   July 25, 2024, 9:27:13 AM IST (Published)

HDFC Bank has revised fixed deposit (FD) tenures and interest rates for select deposits below ₹3 crore, effective July 24, 2024. The changes benefit both general and senior citizens.

New interest rates for general citizens

HDFC Bank now offers interest rates from 3% to 7.40% for deposit tenures ranging from 7 days to 10 years.

The highest rate of 7.25% applies to tenures of 18 months to less than 21 months.

General citizens earn 3% on FDs maturing between 7 and 29 days.

Deposits maturing between 30 and 45 days receive 3.50% interest.

FDs maturing between 46 days and less than six months earn 4.50% interest.

For deposits maturing between six months and one day and less than nine months, the bank offers a 5.75% interest rate. Deposits maturing between nine months and one day and less than one year earn 6%.

FDs maturing between one year and less than 15 months get a 6.60% interest rate. Those maturing between 15 months and less than 18 months earn 7.10%.

The bank provides 7.25% for tenures of 18 months to less than 21 months. Deposits maturing between 21 months and less than two years eleven months receive a 7% interest rate.

Interest rate hikes

HDFC Bank has increased the FD interest rate by 20 basis points (bps) to 7.35% for tenures of 2 years 11 months to 35 months.

It has also increased the rate by 20 bps on tenures of 4 years 7 months to 55 months, raising it from 7.20% to 7.40%.

Tenor bucket and rates

Tenor BucketGeneral citizen ratesSenior citizen rates7 – 14 days3.00%3.50%15 – 29 days3.00%3.50%30 – 45 days3.50%4.00%46 – 60 days4.50%5.00%61 – 89 days4.50%5.00%90 days ≤ 6 months4.50%5.00%6 months 1 day ≤ 9 months5.75%6.25%9 months 1 day

(Source: HDFC Bank)

The recent decisions by the lender comes as the Reserve Bank of India (RBI) continues to maintain the policy rate at 6.5%.

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