Private lender HDFC Bank announced a hike in interest rates of its fixed deposits (FDs) of less than Rs 2 crore on select tenures. The new rates came into effective from February 21. According to the lender's official website, senior citizens will now receive interest rate up to 7.75 percent whereas the general public will get a maximum interest rate of 7.10 percent on deposits.
For a short duration of 7-29 days, the bank will provide an interest rate of 3.00 percent on fixed deposits for the general public and 3.50 for senior citizens. An interest rate of 3.5 percent on deposits that mature in the next 30 days to 45 days, whereas 4.50 percent for FD's maturing in a period of 46 days to less than six months.
The bank is offering interest rates ranging from 5.75 percent to 7.10 percent for deposits maturing in a day after six months to 120 months for common people and 6.25 percent to 7.75 percent for senior citizens.
| Tenor Bucket | < 2 Crore |
| Interest rate for general public (per annum) | Interest rate for senior citizens (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 < = 6 months | 4.50% | 5.00% |
| 6 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
| 9 mnths 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 | 7.00% | 7.50% |
| 21 months - 2 years | 7.00% | 7.50% |
| 2 years 1 day - 3 years | 7.00% | 7.50% |
| 3 year 1 day to - 5 years | 7.00% | 7.50% |
| 5 year 1 day - 10 years | 7.00% | 7.75%* |
It must be noted that an additional premium of 0.25 percent (over and above the existing premium of 0.50 percent) is given to senior citizens who wish to book the fixed deposit less than Rs 5 crore for a tenure of 5 (five) years one day to 10 years, during special deposit offer commencing from May 18, 2020 to March 31, 2023.
This special offer is applicable to new fixed deposit booked as well as for the renewals, by senior citizens during the above period, as per HDFC Bank.
Earlier on February 13, the bank announced the launch of 'Offline Pay' to test offline digital payments for customers and merchants enabling payments transactions even when there is no mobile network. The first-of-its-kind digital payment solution will allow both customer and merchant to be fully offline and yet do the transaction and receive an instant payment confirmation even in an offline mode.
(Edited by : Anshul)
First Published: Feb 22, 2023 1:09 PM IST
