HDFC Bank hiked interest rates on fixed deposits (FDs) on Friday. The new rates will be applicable on FDs from December 1. The private lender increased the interest rate by 10 basis points (100 basis points=1%) on FDs of select tenors, it said.
As per HDFC Bank’s website, it will offer 2.50% on FDs of deposit with a maturity of 7 to 29 days; 3% on deposits maturing in 30-90 days; 3.5% for FDs with tenor ranging 91 days to 6 months; 4.4% on deposits maturing in 6 months to 1 year; and 4.9% on 1-year maturity FD.
The banks hiked deposit rates by 10 bps on FDs with a maturity of 1 years and 2 years. The new rates on these two tenors will be 5%, the bank said.
The new deposit rate on FDs maturing in 2-3 years will be 5.15% and rates have also been hiked on deposits of 3 years to 5 years maturity.
| Interest rate | ||||
| Tenor range | Interest rate | Interest rate (Senior Citizen) | Rs 2 cr & above | Rs 5 cr & above |
| 7 – 14 days | 2.50% | 3.00% | 2.50% | 3.00% |
| 15 – 29 days | 2.50% | 3.00% | 2.50% | 3.00% |
| 30 – 45 days | 3.00% | 3.50% | 2.75% | 3.25% |
| 46 – 60 days | 3.00% | 3.50% | 2.75% | 3.25% |
| 61 – 90 days | 3.00% | 3.50% | 3.00% | 3.50% |
| 91 days – 6 months | 3.50% | 4.00% | 3.00% | 3.50% |
| 6 mnths 1 days – 9 mnths | 4.40% | 4.90% | 3.50% | 4.00% |
| 9 mnths 1 day < 1 Year | 4.40% | 4.90% | 3.65% | 4.15% |
| 1 Year | 4.90% | 5.40% | 3.75% | 4.25% |
| 1 year 1 day – 2 years | 5.00% | 5.50% | 3.75% | 4.25% |
| 2 years 1 day – 3 years | 5.15% | 5.65% | 4.40% | 4.90% |
| 3 year 1 day- 5 years | 5.35% | 5.85% | 4.40% | 4.90% |
| 5 years 1 day – 10 years | 5.50% | 6.25%* | 4.40% | 5.15%* |
Source: HDFC Bank
Most banks including HDFC Bank give an additional premium to senior citizens over prevailing rates. HDFC Bank gives an additional premium of 0.25% over and above the existing premium of 0.50%, to senior citizens for FDs of less than Rs 5 crores for a tenure of 5 years and one day to 10 years, during special deposit offer commencing from May 18, 2020, to Mar 31, 2022. The special offer will be applicable to new FDs booked as well as for the renewals, by seniors during the above period.
The bank informed, for premature closure, final rate applicable will be 1% lower of either the rate for the original, contracted tenor for which deposit has been booked or base rate applicable for the tenor for which the deposit has been in force with the bank except for the deposits booked with tenor 7-14 days.
