HDFC Bank, the leading private sector lender, has reduced interest rates on fixed deposits of more than 2 crore to less than 5 crore.
According to the bank's official website, the new rates go into effect today, November 18th, 2022. Domestic / NRO / NRE deposits are subject to the revised rates. Following the revision, the bank now offers interest rates on deposits maturing in 7 days to 10 years ranging from 3.75% to 6.25% for the general public and 4.25% to 7.00% for senior citizens.
HDFC Bank FD Rates
Fixed deposits maturing in 7 to 29 days currently earn 3.75% interest, while those maturing in 30 to 45 days earn 4.75% interest. HDFC Bank's FD interest rate is now 5.00% for those maturing in 46 to 60 days and 5.25% for those maturing in 61 to 89 days. Deposits maturing in the next 90 days to 6 months will now earn 5.50%, while those maturing in the next 6 months 1 day to 9 months will earn 5.75%.
The bank is currently offering an interest rate of 6.00% on FDs maturing in 9 months, 1 day to 1 year, and 6.50% on those maturing in 1 year to 15 months, according to HDFC Bank. Currently, HDFC Bank is guaranteeing an interest rate of 6.50% on FDs maturing in two years or less and 6.80% on those maturing in 15 months to two years. Deposits with maturities between three years and ten years will now earn interest at a rate of 6.25%.
The higher interest rates are only available to retirees and older adults who are residents and at least 60 years old. Fixed deposits with an amount greater than 2 crore and less than 5 crore are also eligible for the special interest rates offered under the Senior Citizen Care FD.
On its website, HDFC Bank states that "Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 31st Mar'2023, shall be given An Additional Premium of 0.25% (over and above the existing premium of 0.50%)." Senior Citizens who book new Fixed Deposits or renew existing ones during the aforementioned time are eligible for this special incentive. The non-resident Indian population is not eligible for this deal.