HDFC: HDFC Bank has increased interest rates on FDs; find out more...

HDFC Bank has increased interest rates on certain fixed deposits (FDs) by up to 50 basis points. This hike applies to FDs of less than ₹3 crore. The new interest rates came into effect on November 4. Senior citizens will receive a higher interest rate compared to general investors.

Interest rates on short-term FDs increased by 50 basis points

For FDs with tenures ranging from 61 days to 6 months, HDFC Bank has raised the interest rate from 4.25% to 4.75%. For FDs with tenures from 6 months and 1 day up to 9 months, the interest rate has increased by 15 basis points to 5.65%. For FDs with tenures from 9 months and 1 day to less than one year, the interest rate has now risen to 5.90%.

6.25% interest on FDs with tenures from one year to less than 15 months

FDs with tenures ranging from one year to less than 15 months will now earn an interest rate of 6.25%. For FDs with tenures from 15 months to less than 18 months, the interest rate will be 6.35%. A new interest rate of 6.60% will apply to FDs with tenures from 3 years and 1 day to less than 4 years and 7 months. Deposits with tenures from 4 years and 7 months up to 5 years will now earn an interest rate of 6.60%.

Bank also increases interest rates for senior citizens

HDFC Bank has also raised interest rates for senior citizens. Senior citizens can now earn an interest rate of up to 7.20% on FDs with HDFC Bank. This rate applies to deposits with tenures from 3 years and 1 day to less than 4 years and 7 months. An interest rate of 7.20% will also be applicable to deposits with tenures from 4 years and 7 months up to 5 years. Earning of Rs 3,87,227 on a 5-year Fixed Deposit (FD) of Rs 10 lakh

If an individual under the age of 60 places Rs 10 lakh in a 5-year Fixed Deposit (FD) with HDFC Bank, they will earn interest at an annual rate of 6.60%. This means that after 5 years, their investment will grow to Rs 13,87,227. This includes an interest income of Rs 3,87,227 on the principal amount of Rs 10 lakh.

Earning of Rs 4,28,748 for senior citizens on a 5-year Fixed Deposit (FD) of Rs 10 lakh

Individuals over the age of 60—that is, senior citizens—will receive an interest rate of 7.20% on a 5-year deposit. This means that a senior citizen’s investment of Rs 10 lakh will grow to Rs 14,28,748 after 5 years. This includes an interest income of Rs 4,28,748 on the deposit of Rs 10 lakh. Other banks also offer higher interest rates to senior citizens compared to general investors.

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