In a surprising move, HDFC, the largest private sector bank, has increased the interest rates on fixed deposits (FDs) for accounts holding less than Rs 2 crore.
This development comes shortly after the bank raised loan interest rates, offering a silver lining to its vast customer base.
The revised FD rates, effective from February 9, 2024, offer increased returns across various tenures, ranging from 7 days to 10 years.
New FD Rates: A Boon for Savers
Under the new scheme, HDFC Bank offers interest rates between 3.5% to 7.75%, catering to diverse investment preferences.
Notably, the bank has hiked interest rates on FDs maturing between 18 months to less than 21 months by 25 basis points, now standing at 7.25%.
Senior citizens are entitled to an additional 50 basis points, enjoying higher returns on their investments.
Interest Rate Breakdown
For short-term investments maturing between 7 to 29 days, general citizens can earn 3% interest.
FDs with a tenure of 15 months to 18 months now yield 7.10% interest, up by 25 basis points.
The highest interest rate of 7.75% is offered for tenures ranging from less than 18 to 21 months.
Focus on Senior Citizens
Recognizing the needs of senior citizens, HDFC Bank provides them with an extra 50 basis points across all tenures, ensuring attractive returns on their investments.
Bulk Deposit Revision
Additionally, HDFC Bank has revised its bulk deposit interest rates, enhancing the FD interest rate by 20 basis points on tenures from 18 months to less than 21 months, now standing at 7.25%.
Despite the recent loan interest rate hike, HDFC Bank’s decision to boost FD rates signals its commitment to providing competitive returns to its customers, especially amid fluctuating market conditions.
