HDFC Bank Hikes Interest Rate For FDs Up To Rs 3 Crore By 20 Bps

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posted on 4 months ago — updated on 1 second ago

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The bank offers the highest interest rate of 7.40 percent for general citizens.

Finance Minister Of India, Nirmala Sitharaman presented the Union Budget 2024-25 during the monsoon session of parliament. In her seventh record Budget, the finance minister outlined key priorities to foster economic growth and create ample opportunities. Increased capital gains in the new budget have become one of India’s most widely discussed points nowadays. After the budget presentation, the largest private sector bank HDFC has increased the interest rate given to customers on fixed deposits up to Rs 3 crore by 20 basis points. The new rates have come into effect from July 24, 2024. After the increase, the bank offers the highest interest rate of 7.40 percent for general citizens and 7.90 per cent for senior citizens with a maturity period of up to 55 months.

HDFC Bank is offering a 3 percent interest rate for common citizens on deposits maturing between 7 to 29 days. 3.50 percent interest will be given on deposits maturing between 30 to 45 days, while 4.50 percent interest will be given on FDs maturing between 46 days to six months. The bank offers a 5.75 percent interest rate on deposits maturing between six to nine months. A 6 percent interest rate is being given to the customers on deposits maturing between more than nine months and less than one year.

Deposits maturing in one year to less than 15 months will get 6.60 percent interest, while for less than 18 months and exceeding 15 months, the bank will be offering 7.10 percent interest.

The bank offers 7.25 percent interest for 18 months to less than 21 months. For the FDs maturing 21 months to less than two years and 11 months, a 7 percent interest will be levied by the bank on it. The interest rate on FDs of this duration has been increased

by the bank by 20 bps. It has now surged from 7.15 per cent to 7.35 percent for 2 years 11 months duration and by 20 bps from 7.20 percent to 7.40 percent for 4 years 7 months duration.

The bank is offering an interest rate of 4.40 percent on FDs of 4 years 7 months (55 months) to general citizens. The interest rate for senior citizens for the same period is 7.90 percent.