HDFC Bank hikes FD interest rate

According to the bank's official website, HDFC Bank has increased the interest rate on fixed deposits(FD) of less than Rs 2 crore on one select tenure with the new rates are effective from January 24, 2023. 

HDFC Bank offers fixed-term deposit (FD) interest rates ranging from 3% to 7% for the general public and 3.50% to 7.50% for senior citizens for tenures between 7 days and 10 years.

Further, Senior Citizens who seek to book a Fixed Deposit less than 5 crores for a duration of 5 years One Day to 10 Years during the special deposit offer running from May 18 to March 31, 2023, will receive an Additional Premium of 0.25% (over and above the existing Premium of 0.50%).

The bank has increased interest rate by 10 basis points on tenure of 1 year to less than 15 months to 7.10% from 7%. The bank offers highest interest rate of 7.75% on tenure of 5-year 1 day to 10 years (Senior Citizen Care FD).

Following the hike, on deposits maturing in the next 7 to 29 days, the bank will continue to pay a 3.00% interest rate, while HDFC Bank will pay a 3.50% interest rate on deposits maturing in the 30 to 45 days. Deposits maturing in 46 to less than 6 months will now earn 4.50%, the bank said in the official website. 

The private lender will offer interest rate of 5.75% on tenure of 6 months 1 days to less than 9 months and 6% on 9 months 1 day to less than 1 year.

Meanwhile, the bank has increased interest rate by 10 basis points on tenure of 1 year to less than 15 months to 6.60% from 6.50%. The bank will continue to offer an interest rate of 7% on tenure from 15 months to 10 years.