One of India’s leading private banks, HDFC Bank has announced new interest rates on fixed deposits (FDs). HDFC bank offers an interest rate ranging from 2.50% to 5.50% on FD maturing between 7 days and 10 years. The Bank also gives additional interest on FD to senior citizens.
The bank gives 0.5% additional interest to senior citizens as compared to other consumers. Now, the bank has revised the interest rates given to its customers for availing the FD facility at various branches.
The new rates have come into effect from May 21, 2021, according to HDFC Bank’s website. Last time, the HDFC Bank had revised the interest rates on FD on November 13, 2020.
Here is a look at the current FD interest rates being offered by HDFC Bank.
|FD’s Tenure||Interest Rate||Interest Rate for Senior Citizens|
|7 to 14 days||2.50||3.00|
|15 to 29 days||2.50||3.00|
|30 to 45 days||3.00||3.50|
|46 to 60 days||3.00||3.50|
|61 to 90 days||3.00||3.50|
|91 days to 6 months||3.50||4.00|
|6 months to 9 months||4.40||4.90|
|9 months 1 day to 1 Year||4.40||4.90|
|1 year 1 day to 2 years||4.90||5.40|
|2 years 1 day to 3 years||5.15||5.65|
|3 year 1 day to 5 years||5.30||5.80|
|5 years 1 day to 10 years||5.50||6.25|
The senior citizens will continue to get 50 basis points (0.5 %) higher interest rates on their FD than the common depositors. The bank also offers a special FD scheme for senior citizens –‘HDFC Senior Citizen Care’ under which the interest rate applicable to the FD (put by a senior citizen) will be 6.25%.
Compared to HDFC, the State Bank of India (SBI) is offering interest rates ranging from 2.9 percent to 5.4 on FDs with maturity periods of 7 days to 10 years.