HDFC Bank raises interest rates on term deposits by up to 75 basis points: Details here

HDFC Bank, a private sector lender, is raising interest rates on term deposits of less than 2 crore. According to the bank’s official website, the new rates come into effect on October 11, 2022. Following the change, the bank increased interest rates on term deposits for retail investors by up to 75 basis points. On deposits with maturities of 7 days to 10 years, investors will now benefit from interest rates ranging from 3.00% to 6.00% for the general public and from 3.50% to 6.75% for seniors .

HDFC Bank FD Rates

The bank raised the interest rate on deposits of less than 2 Cr maturing in 7-29 days from 2.75% to 3.00%, an increase of 25 basis points, and on deposits maturing in 30-60 days from 3.25% to 3.50% , an increase of 25 basis points. Deposits maturing in 61 to 89 days will now earn an interest rate of 4.00%, down from 3.25% previously, representing an increase of 75 basis points, while deposits maturing in 90 days to 6 months will now benefit from an interest rate of 4.25%, up. 3.75% previously, an increase of 50 basis points.

HDFC Bank raised its deposit interest rate from 4.65% to 5.00% for deposits with maturities of 6 months, 1 day to 1 year, an increase of 35 basis points. HDFC Bank raised its interest rate on deposits with maturities of 1 to 2 years from 5.50% to 5.70%, an increase of 20 basis points, and on deposits with maturities of 2 years 1 day to 3 years from 5.50% to 5.80%, an increase of 30 basis points. Deposits maturing in 3 years 1 day – 5 years will continue to earn an interest rate of 6.10%, while deposits maturing in 5 years 1 day – 10 years will earn an interest rate of 6 .00%, an increase of 25 basis points from 5.75%.

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HDFC Bank FD Rates (hdfcbank.com)

HDFC bank interest rate for deposits of 2 Cr to less than 5 Cr

HDFC Bank has also adjusted its interest rates on domestic/NRO/NRE term deposits from 2 Cr to less than 5 Cr, effective October 11, 2022. The bank now grants interest rates ranging from 3.75% to 6.25% on these types of deposits with maturities of 7 days to 10 years for the general public and 4.25% to 7.00% for the elderly. HDFC Bank currently grants a maximum interest rate of 6.50% to the general public and 7.00% to seniors on deposits with maturities between one and three years.

HDFC Bank FD Rates

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HDFC Bank FD Rates (hdfcbank.com)

HDFC Bank RD Rate

HDFC Bank has raised interest rates on recurring deposits (RD) for residents, NROs and NREs over a range of tenors. The bank raised interest rates on DRs with maturities of 6 to 36 months and 90 to 120 months, following the amendment. HDFC Bank will now offer interest rates ranging from 4.25% to 6.00% on RDs of 6 months to 120 months for the general public and 4.75% to 6.75% for seniors.

HDFC Bank RD Rate

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HDFC Bank RD Rate (hdfcbank.com)

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