The bank offers a range of interest rates based on the tenure of the FDs.
New Delhi: Despite the Reserve Bank of India (RBI) maintaining the repo rate at 6.5 percent, HDFC Bank has decided to increase its interest rates on fixed deposits (FDs). These revised rates are effective from Friday, February 9, 2024.
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New Interest Rates
HDFC Bank is offering special interest rates of 7.20 percent on FDs with a tenure of 35 months and 7.25 percent on those with a tenure of 55 months. For a one-year term deposit, regular citizens can avail of a 6.60 percent interest, while senior citizens are offered a higher rate of 7.10 percent.
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Varied Rates For Different Tenures
The bank offers a range of interest rates based on the tenure of the FDs. For short-term deposits, HDFC Bank provides interest rates ranging from 3 to 6 percent.
For instance, on tenures between 7 days to 29 days, the interest rate is 3 percent. Meanwhile, tenures ranging from 46 days to 6 months offer an interest rate of 4.5 percent.
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On a tenure of 15 to 18 months, the interest rate is 7.10 percent. For FDs with a tenure of 18 to 21 months, the interest rate increases to 7.25 percent.
When the tenure ranges from 21 months to 2 years 11 months, the interest rate is set at 7 percent.
