Highlights:
- HDFC Bank cuts FD interest rates for both general public and senior citizens
- The interest rates were cut on deposits below Rs 2 crore
- Senior citizens still get 50 basis points higher interest rates than the general public
India’s largest private sector lender, HDFC Bank, has cut the interest rate on the Fixed Deposits (FDs) on select tenures which will be imposed from today, i.e. 15th October 2020. The bank has cut the interest rate on deposits maturing in one year and two years and on rest of the term deposits, the bank has kept the rates unchanged.
After the revision on its interest rates, HDFC Bank is now offering a 2.50% interest rate on deposits between 7 days and 29 days, and 3 % on deposits which are maturing in 30 to 90 days. On 91 days to 6 months, 3.5% and on fixed deposits running between 6 months 1 day to less than one year will attract an interest rate of 4.4%.
HDFC Bank has slashed the interest rates by 20 basis points (bps) and 10 bps on the fixed deposits which comes with the maturity one year and two years respectively.
Term deposits maturing in one year will now fetch an interest rate of 4.9% and those deposits maturing in two years will fetch an interest rate of 5%.
The bank, however, has kept the interest rates unchanged on its long-term deposits which mature in two years to 10 years. FDs maturing in 2 years to 3 years will give 5.15% interest to the investor, 3 years to 5 years will give 5.30%. Deposits with maturity period 5 years to 10 years will give 5.50% interest.
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HDFC Bank had earlier revised the interest rates on 25 August.
HDFC Bank latest FD interest rates (below ₹2 crore) for general public with effect from 15 October
- 7 – 14 days: 2.50%
- 15 – 29 days: 2.50%
- 30 – 45 days: 3%
- 46 – 60 days: 3%
- 61 – 90 days: 3%
- 91 days – 6 months: 3.5%
- 6 months 1 day – 9 months: 4.4%
- 9 months 1 day < 1 Year: 4.4%
- 1 year: 4.9%
- 1 year 1 day – 2 years: 5%
- 2 years 1 day – 3 years: 5.15%
- 3 year 1 day- 5 years: 5.30%
- 5 years 1 day – 10 years: 5.50%
HDFC Bank latest FD interest rates (below ₹2 crore) for senior citizens with effect from 15 October
HDFC Bank will continue to offer 50 basis points higher interest rates to the senior citizens than the general public. The bank offers interest rates from 3% to 6.25% on FDs maturing from 7 days to 10 years to the senior citizens.
Senior citizens will also get an additional premium of 0.25% (over and above the existing premium of 0.50%) who wish to book the FDs for a tenure of five years. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens until the end of the year i.e. 31st December.
- 7 – 14 days: 3%
- 15 – 29 days: 3%
- 30 – 45 days: 3.5%
- 46 – 60 days: 3.5%
- 61 – 90 days: 3.5%
- 91 days – 6 months: 4%
- 6 months 1 day – 9 months: 4.9%
- 9 months 1 day < 1 Year: 4.9%
- 1 year: 5.4%
- 1 year 1 day – 2 years: 5.5%
- 2 years 1 day – 3 years: 5.65%
- 3 year 1 day- 5 years: 5.80%
- 5 years 1 day – 10 years: 6.25%
