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HDFC Bank Revises FD Rates, Introduces Two Special FDs, Now Offers Upto 7.75% To Senior Citizens
India's Largest Private sector lender, HDFC Bank has revised its deposit rates on Fixed Deposits below Rs. 2 crore. According to the Bank's official website, the new rates are effective from 29 May 2023.
Following the revision in interest rates, the bank is offering an interest rate ranging from 3% to 7.25% (Special FD) to general customers on a deposit period ranging from 7 days to 10 years.
While for Senior citizens, the bank offers interest rates ranging from 3.50% to 7.75% (Special FD) on the same deposit period as the General Public.
HDFC Bank Introduces Special FDs
The bank introduced two special FD tenures of 35 months and 55 months. Under these, the bank offers 7.20% on 35 Months FD and 7.25% on 55 months FD.
According to HDFC Bank, "Enjoy HIGHER FD Rates @7.20% on tenure 35 months and @7.25% on tenure 55 months. What's more? Senior Citizen benefits 0.50% EXTRA!...So Hurry! Valid for Limited Period only!"
Domestic/NRO/NRE Fixed Deposit Rate (below Rs. 2 Cr) W.E.F. 29-May-2023
| Tenor Bucket | Interest Rate (p.a.) | **Senior Citizen Rates (p.a.) |
|---|---|---|
| 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 | 4.50% | 5.00% |
| 6 mnths 1 days | 5.75% | 6.25% |
| 9 mnths 1 day to | 6.00% | 6.50% |
| 1 year to | 6.60% | 7.10% |
| 15 months to | 7.10% | 7.60% |
| 18 months to | 7.00% | 7.50% |
| 21 months - 2 years | 7.00% | 7.50% |
| 2 Years 1 day to | 7.00% | 7.50% |
| 2 Years 11 Months (Special Edition FD - 35 Month) | 7.20% | 7.70% |
| 2 Years 11 Months 1 day | 7.00% | 7.50% |
| 3 Years 1 day to | 7.00% | 7.50% |
| 4 Year 7 Months (Special Edition FD - 55 month) | 7.25% | 7.75% |
| 4 Year 7 Months 1 day | 7.00% | 7.50% |
| 5 Years 1 day to 10 Years | 7.00% | 7.75%* |
Source - HDFCBank.com
Please Note - Senior Citizen Rates do not apply to NRIs | Minimum tenor for NRE Deposit is 1 Year.
*Senior Citizen Care FD (w.e.f 18th May'20)
According to the HDFC Bank, "An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to 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 July 7, 2023. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian."
Further, "In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower."
Furthermore, "In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. Rates mentioned above in the rate sheet are inclusive of 0.75%."
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