Customers of the biggest private sector bank have received excellent news one day after Finance Minister Nirmala Sitharaman’s budget presentation on Tuesday. FD interest rates have risen by HDFC Bank. FDs with specific tenures are subject to this increase. Less than Rs 3 crore in deposits would be subject to the new regulation. The new interest rates are operative as of July 24, 2024. Following this hike, the bank will offer the general public the maximum interest rate of 7.40% on FDs with a 4-year, 7-month duration. Senior citizens pay an interest rate of 7.90%.
Varying interest rates according to tenancy
Different interest rates are offered on FDs by HDFC Bank for varying tenures. If you’re an average man and your FD is for 7 to 29 days, then you will get 3% interest. 3.50% interest will be given on fixed deposits maturing in 30 to 45 days. 4.50% interest will be given on FDs maturing in 46 days to less than 6 months. If your FD matures in less than 6 months from 6 months, then 5.75% interest will be given. 6% interest will be given on FDs maturing in less than 9 months from 1 day to 1 year.
6.60% for time deposits shorter than 15 months
With FDs ranging from one year to two years and eleven months, HDFC Bank offers various interest rates. You will receive an interest rate of 6.60% on your fixed-rate deposit (FD) if it matures in less than a year and less than 15 months. However, you will receive 7% interest if your FD matures in two years and eleven months as opposed to 21 months.
An interest rate hike of 20 basis points
For FDs expiring in 2 years 11 months to 3 years 5 months, HDFC Bank has lately raised the interest rate by 20 basis points. The current interest rate is 7.35%, up from 7.15%. Likewise, FDs maturing in four years now have an increase of 20 basis points. Its interest rate has increased from 7.20% to 7.40%. HDFC Bank offers interest rates ranging from 3.5% to 7.90% on fixed deposits for tenures ranging from 7 days to 10 years for the general public. The highest interest rate for senior citizens is 7.90% on tenures ranging from 4 years 7 months to 55 months.
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