HDFC bank raises FD interest rates by 5-10 basis points for these mandates: check details

HDFC Bank has increased interest rates on fixed deposits (FD) for certain maturities. These rates will come into effect from 12 January 2021. According to the bank’s website, it has raised interest rates on FDs worth less than Rs 2 crore with maturities above two from five to ten basis points. According to the website, FDs with seniority between 2 years 1 day and 3 years will earn 5.2%, 3 years 1 day and 5 years will earn 5.4% and 5 years 1 day and 10 years will earn 5. 6%.

“Good News! Improved Interest Rates on Fixed Deposits for 3 Years Term 1 Day to 5 Years on Bank FD Now Amount: *T&Cs apply. Rates are subject to change,” HDFC Bank has sent a notification regarding the FD rate hike to some of its customers via SMS.

Source: HDFC Bank website

According to the bank’s website, HDFC Bank will continue to offer an interest rate of 2.50% on deposits with a maturity of 7 to 29 days and an interest rate of 3% on FDs. a maturity of 30 to 90 days. 3.5% for FDs with a duration of 91 days to 6 months and 4.4% for FDs with a duration of 6 months 1 day to less than one year. On the one-year FDs, the bank is offering 4.9%.

FD rates from other banks

Compared to this, for deposits below Rs 2 crore, the State Bank of India (SBI) offers interest rates in the range of 2.9-5.4% on FDs with different tenors ranging from 7 days to 10 years. ICICI Bank FD rates range from 2.5% to 5.5% for maturities between 7 days and 10 years.

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