The country’s leading bank, HDFC Bank, has revised the interest rates on its fixed deposits. This change has been made for FD amounts up to Rs 3 crore. After the new change, HDFC Bank is currently offering interest rates ranging from 3% to 7% for general people and 3.5% to 7.5% for senior citizens on deposits ranging from 7 days to 10 years.
According to the official website of HDFC Bank, the interest rates on these deposits are applicable from July 24, 2024.
HDFC Bank has raised FD interest rates by 20 basis points (bps) to 7.35% for tenures of 2 years 11 months to 35 months. It has also raised interest rates by 20 basis points to 7.40% from 7.20% for tenures of 4 years 7 months to 55 months.
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Understand the calculation of new rates
According to the official website, customers can get higher interest on their FDs for tenures of 2 years and 11 months (i.e., 35 months) and 4 years and 7 months (i.e., 55 months). According to the website, senior citizens get a benefit of 0.50% for a limited time period. The maximum interest rate for deposits maturing in less than 1 year to 15 months is currently 7.1% for senior citizens and 6.6% for regular customers.
| Tenor Bucket | < 3 Crore | |
|---|---|---|
| Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days < = 6 months | 4.50% | 5.00% |
| 6 months 1 days < = 9 months | 5.75% | 6.25% |
| 9 months 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.60% |
| 18 months to < 21 months | 7.25% | 7.75% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
| 2 Years 11 Months – 35 Months | 7.35% | 7.85% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 Year 7 Months – 55 months | 7.40% | 7.90% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% | 7.50% |
| 5 Years 1 day – 10 Years | 7.00% | 7.50% |
The bank offers an interest rate of 5.75% on deposits maturing between six months to one day and less than nine months. Deposits maturing between nine months to one day and less than one year offer 6% interest. This recent decision by the bank has been taken at a time when the Reserve Bank of India (RBI) has maintained the policy rate at 6.5%.
