FD Rates: The interest rate for FDs for a tenure of 2 years 1 day, but less than 3 years, will attract an interest of 5.2 per cent. If the maturity period is 3 years 1 day to 5 years, the interest will be 5.4 per cent. Finally, for maturity on and after 5 years 1 day, the interest rate will be 5.6 per cent.
New Delhi: With effect from January 12, 2022, the country’s largest bank, HDFC bank, has increased fixed interest deposit rates. According to HDFC’s website, the interest rates have been hiked for FDs worth less than Rs 2 crore, for a maturity period of more than two years. The interest rate for FDs for a tenure of 2 years 1 day, but less than 3 years, will attract an interest of 5.2 per cent. If the maturity period is 3 years 1 day to 5 years, the interest will be 5.4 per cent. Finally, for maturity on and after 5 years 1 day, the interest rate will be 5.6 per cent.
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HDFC Bank notified the customers of the bank using SMS and emails. It also notified the change on its website. “Great News! Improved Fixed Deposit interest rates for tenure 3 years 1 day to 5 years on amount Bank FD,” the notification on the website read. Along with this, the bank has also provided a detailed list of the new interest rates.
New FD Rates (Photo: HDFC Website)
According to the bank’s website, the rates are applicable only for resident deposits. These do not apply to NRIs. Also, the minimum tenure for earning the interest on Fixed Deposit is 7 days. The interest is calculated on the basis of the number of days in a year. In a leap year, the interest is calculated for 366 days, in a normal year the interest is calculated for 365 days.
Importantly, the bank notified that interest rates for smaller time periods will remain the same. These are:
- For maturity of 7 to 29 days: 2.5 per cent per annum
- For maturity of 30 to 90 days: 3 per cent per annum
- For maturity of 91 to 180 days: 3.5 per cent per annum
- For maturity of 6 months to 1 day less than a year: 4.4 per cent per annum
- For maturity of 1 year: 4.9 per cent per annum
