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HDFC Bank Hikes FD Rates By 20 Bps On Select Tenors Effective From Today
HDFC Bank, the largest private sector lender in the nation based on market capitalisation, raised the interest rate on fixed deposits under Rs 3 Cr. The bank has begun offering a maximum return of 7.40% on a 4-year 7 month - 55 months tenure as a result of the modification. According to the bank's official website, the new interest rates on fixed deposits remain in effect as of today, July 24, 2024.
"Earn higher interest on your FD for tenures of 2 years and 11 months (i.e., 35 months) and 4 years and 7 months (i.e., 55 months). Limited time only! What's more? Senior Citizen benefits 0.50% EXTRA!...So Hurry! Valid for Limited Period only," mentioned HDFC Bank on its website.
HDFC Bank FD Rates
The bank will continue to give a 3.00% interest rate on fixed deposits that mature in 7-29 days, and a 3.50% interest rate on deposits maturing in 30-45 days, courtesy of HDFC Bank. For a fixed deposit period of 46 days to 6 months, HDFC Bank will still give an interest rate of 4.50%; for a tenure of 6 months, 1 day to 9 months, the interest rate is still 5.75%. Fixed deposits with HDFC Bank that mature in nine months, one day to a year, will still get 6% interest, while those that mature in one year to fifteen months will still earn 6.60% interest.
The bank is giving an interest rate of 7.10% on term deposits that mature between 15 to 18 months, and HDFC Bank will keep imposing an interest rate of 7.25% on those maturing in 18 to 21 months. HDFC Bank will continue to offer an interest rate of 7.00% on a deposit tenure of 21 months to 2 years 11 months but on a fixed deposit tenure of 2 years 11 months - 35 months, HDFC Bank has hiked its interest rates by 20 bps from 7.15% to 7.35%.
Fixed deposits with HDFC Bank that mature between two years and eleven months and four years and seven months will remain to pay an interest rate of 7.00%, while deposits that mature between four years and seven months and fifty-five months will now pay an interest rate of 7.40%, up from 7.20% before and marking a 20 basis point hike.
On fixed deposits maturing in 4 years 7 months 1 day to 10 years will still fetch an interest rate of 7%.
| Tenor Bucket | Below Rs 3 Crore | Source: Bank Website |
|---|---|---|
| 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 to 6 months | 4.50% | 5.00% |
| 6 months 1 days to 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 to 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 to 5 Years | 7.00% | 7.50% |
| 5 Years 1 day - 10 Years | 7.00% | 7.50% |
"At HDFC Bank, you can enjoy attractive FD interest rates that will fetch you guaranteed returns regardless of market conditions. Plus, with added features such as sweep-in facilities and overdraft facilities, an HDFC Bank FD can be a real asset to your portfolio," mentioned the bank on its website.
HDFC Bank reported a standalone net profit of Rs 16,175 crore for the quarter that ended on June 30, 2024, a rise of 35% over the lender's Rs 11,952 crore in the same period the previous year. The bank's overall income for the quarter under review was Rs 83,701 Cr, which represents a 44% increase from Rs 57,816 Cr in Q1FY24. The net interest income generated climbed by Rs 24,446.33 crore, or 50.31%, to Rs 73,033.14 crore in Q1FY25 from Rs 48,586.81 crore in the same quarter of the previous year.
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