As the RBI last week raised the repo rate to control inflation, India’s largest private sector lender HDFC Bank has increased the interest rate on fixed deposits (FD) of less than Rs 2 crore. The new rates, which have become effective from December 14, will range from 3 per cent to 7 per cent for general public and from 3.5 per cent to 7.5 per cent for senior citizens, on tenures between 7 days and 10 years.
HDFC Bank continues to offer an interest rate of 3 per cent on deposits maturing in the next 7 to 29 days, while the lender will pay 3.50 per cent on deposits maturing in the following 30 to 45 days. Fixed deposits on tenures between 46 and 89 days will now get 4.5 per cent interest rate. On deposits maturing in 6 months 1 day to 9 months, the bank has raised interest rates by 50 basis points to 5.75 per cent. It also raised interest rate by 50 bps to 6 per cent for deposits maturing in 9 months, 1 day to 1 year.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the HDFC Bank (per annum) effective from December 14:
7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 60 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
61 days to 89 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
90 days to less than 6 months: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
6 months 1 days to less than 9 months: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
9 months 1 day to less than 1 year: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
1 year to less than 15 months: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
15 months to less than 18 months: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
18 months to less than 21 months: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
21 months to 2 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
2 Years 1 day to 3 Years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
Above 3 years 1 day to 5 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
5 years 1 day to 10 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent.
In five consecutive repo rate hikes this year, the RBI’s MPC has raised the key policy rate by 225 basis points this year in total, in order to control inflation. It raised the repo rate by 35 basis points last week. The repo rate is the interest rate at which the RBI lends to the commercial bank.
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