HDFC Bank on Friday, February 9, increased fixed deposit (FD) interest rates on certain tenures by up to 25 basis points (bps) for deposits below ₹2 crore. With this, the bank now provides interest rates ranging from 3.5% to 7.75% on fixed deposits with tenures spanning from 7 days to 10 years.
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Notable changes include a hike on the interest rate for the tenure of 18 months to less than 21 months, increasing it from 7% to 7.25%.
HDFC Bank is currently offering a 3% interest rate on fixed deposits maturing between 7 and 29 days for general citizens.
For deposits maturing between 30 and 45 days, the interest rate has been adjusted to 3.50%, while deposits maturing between 46 days and less than six months would now earn 4.50% interest.
The bank has also increased the interest rate to 7.25% on fixed deposits maturing between 21 months and less than two years and eleven months.
Here's a look at recent fixed deposit interest rates offered by HDFC Bank on deposits ₹2 crore:
| Tenor Bucket | < 2 Crore | |
|---|---|---|
| Interest rate (per annum) | Senior citizen rates (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 months 1 days < = 9 months | 5.75% | 6.25% |
| 9 months 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 | 7.25% | 7.75% |
| 21 months - 2 years | 7.00% | 7.50% |
| 2 Years 1 day to < 2 Year 11 Months | 7.00% | 7.50% |
| 2 Years 11 Months - 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day < = 3 Year | 7.00% | 7.50% |
| 3 Years 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 Year 7 Months - 55 months | 7.20% | 7.70% |
| 4 Year 7 Months 1 day < = 5 Years | 7.00% | 7.50% |
| 5 Years 1 day - 10 Years | 7.00% | 7.75% |
(Source: HDFC Bank)
Earlier this month, the lender also revised its bulk fixed deposit (FD) interest rates for amounts above ₹2 crore to ₹5 crore.
Regular citizens can now get rates ranging from 4.75% to 7.40%, with senior citizens receiving an additional 0.50% interest. The highest rates, reaching up to 7.90%, are available for terms ranging from one year to less than 15 months.
In a recent announcement, HDFC Bank even increased its Marginal Cost of Funds-Based Lending Rates (MCLR) by up to 10 basis points on select tenures.
Starting with the overnight MCLR, a 10 bps increase has been implemented, setting it at 8.9%. Simultaneously, the one-month MCLR has seen a similar upward adjustment, now standing at 8.95%. Loans linked to MCLR undergo a reset period, after which the interest rates are revised for borrowers.
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