HDFC Bank hikes rates of interest on fastened deposits: Check new charges right here

For fastened deposits beneath ₹2 crore, the personal sector lender HDFC Bank has elevated rates of interest. The new charges will take impact on August 18, 2022, in line with the financial institution’s official web site. After the modification, the financial institution elevated rates of interest throughout a spread of tenors by as a lot as 40 bps. The financial institution presently presents rates of interest on fastened deposits with maturities starting from seven days to 10 years that vary from 2.75 per cent to five.7 per cent for most people and from 3.2 per cent to six.5 per cent for senior residents.

HDFC Bank FD Rates

The financial institution will nonetheless give a 2.75% rate of interest on fastened deposits maturing in 7 to 29 days, whereas HDFC Bank will nonetheless provide a 3.25% rate of interest on time period deposits maturing in 30 to 89 days. The rate of interest on fastened deposits with maturities between 90 days and 6 months will stay at 3.75%, whereas the rate of interest on fastened deposits with maturities between six months and sooner or later and fewer than one yr will stay at 4.65%.

On fastened deposits that mature in a single yr, HDFC Bank elevated the rate of interest by 15 foundation factors, from 5.35% to five.50%, and on fastened deposits that mature in a single yr, sooner or later, to 2 years, the rate of interest has been elevated by 15 foundation factors to five.50%. The financial institution will proceed to provide an rate of interest of 5.50% on fastened deposits maturing in 2 years, 1 day, to three years, and it has elevated the rate of interest by 40 foundation factors from 5.70% to six.10% on fastened deposits maturing in 3 years, 1 day, to five years.

The rate of interest on fastened deposits from HDFC Bank will stay fixed at 5.75% for maturities between 5 years and 10 years. On fastened deposits maturing in 3 years 1 day- 5 years HDFC Bank is now providing the very best rate of interest of 6.10% for most people and 6.60% for senior residents.

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HDFC Bank FD Rates (hdfcbank.com)

HDFC Bank has talked about on its web site that “The Bank computes curiosity primarily based on the precise variety of days in a yr. In case, the Deposit is unfold over a leap and a non-leap yr, the curiosity is calculated primarily based on the variety of days i.e.,three hundred and sixty six days in a intercalary year & one year in a non intercalary year.The interval of Fixed Deposit is calculated in variety of days.”

Senior citizens will continue to get an additional interest rate of 0.50% over the standard rate on fixed deposits maturing in 7 days to 5 years. Senior citizens will get an additional interest rate of 0.75% at 6.50% per year on fixed deposits maturing in 5 years, 1 day to 10 years.

“An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’2022. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian,” mentioned HDFC Bank on its web site.

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