Daijiworld Media Network - New Delhi
New Delhi, Nov 7: HDFC Bank, India's largest private sector lender, has increased interest rates on select fixed deposits (FDs) below Rs 3 crore by up to 50 basis points (bps), offering higher returns to both general customers and senior citizens.
Following the revision, general customers can earn interest of up to 6.60 per cent, while senior citizens are eligible for a maximum rate of 7.20 per cent, depending on the deposit tenure. The revised rates came into effect from November 4.
For general customers, interest rates on deposits with tenures ranging from 61 days to six months have been increased by 50 bps to 4.75 per cent.
Rates on deposits of six months and one day to nine months have been raised by 15 bps to 5.65 per cent. Similarly, deposits with tenures of nine months and one day to less than one year will now earn 5.90 per cent, up from the earlier 5.75 per cent.
The bank has also revised interest rates on select longer-term deposits. Fixed deposits with tenures ranging from 18 months and one day to two years will now offer 6.50 per cent, compared with 6.45 per cent earlier.
For deposits of two years and one day to three years, the interest rate has been increased to 6.55 per cent from 6.45 per cent. Deposits with tenures of three years and one day to five years will now fetch 6.60 per cent.
The biggest increase for general customers is on deposits with tenures ranging from five years and one day to 10 years. The interest rate in this category has been raised by 45 bps to 6.60 per cent from 6.15 per cent.
Senior citizens will also benefit from the revision. Interest rates on their deposits with tenures of 61 days to six months have been increased by 50 bps to 5.25 per cent.
The highest interest rate of 7.20 per cent for senior citizens is available on deposits with tenures of three years and one day to five years. Meanwhile, deposits ranging from five years and one day to 10 years will now earn 7.10 per cent, up from the earlier 6.65 per cent.
Meanwhile, several other lenders, including ICICI Bank, Punjab National Bank, Kotak Mahindra Bank and Axis Bank, have also revised interest rates on select fixed deposit schemes in recent months.