HDFC Bank raises interest rates on fixed deposits for the second consecutive month. Latest FD Rates

HDFC Bank is the latest private sector lender to announce a rate hike for fixed deposit (FD) holders. The Reserve Bank of India (RBI) maintained the status quo in its bi-monthly monetary policy in February. Since then, several banks have raised interest rates on term deposits. Considered one of the safest investment options, fixed deposit is an instrument through which you grow a lump sum at a fixed interest rate over a fixed term. Banks and non-bank financial corporations (NBFCs) offer fixed deposits spread over different terms.

HDFC Bank Raises FD Interest Rates

HDFC Bank recently raised interest rates on FDs worth less than Rs 2 crore. The new rates will take effect from February 14, according to the HDFC Bank website.

The private lender offers 2.5% interest for DFs with maturities between 7 days and 29 days, 3% between 30 days and 90 days and 3.5% between 91 days and six months. For FDs maturing between six months and less than one year, the interest rate will be 4.40%.

If you put money in fixed deposit for one year, the interest rate will be 5%. Your fixed deposit will earn the same amount of interest for up to two years. Long-term fixed deposits maturing in two years, from one day to three years, will attract an interest rate of 5.30%.

HDFC Bank will offer an interest rate of 5.45% for FDs with maturities between three years, one day and five years. Investors will earn 5.60% interest for FDs with maturities between five years, one day and 10 years.

Earlier in January, HDFC Bank raised the interest rate for FDs worth less than Rs 2 crore by five to ten basis points. It was therefore the second time the lender had offered an interest rate hike for DFs in two months.

Here are the revised interest rates on fixed deposits below Rs 2 crore at HDFC Bank from 14 February 2022:

7 days to 14 days: For the general public – 2.50%; For seniors – 3.00%

15 days to 29 days: For the general public – 2.50%; For seniors – 3.00%

30 days to 45 days: For the general public – 3.00%; For seniors – 3.50%

46 days to 60 days: For the general public – 3.00%; For seniors – 3.50%

61 days to 90 days: For the general public – 3.00%; For seniors – 3.50%

91 days to 120 days: For the general public – 3.50%; For seniors – 4.00%

6 months 1 day to 9 months: For the general public – 4.40%; For seniors – 4.90%

9 months 1 day to less than a year: For the general public – 4.40%; For seniors – 4.90%

1 year: For the general public – 5.00%; For seniors – 5.50%

1 year 1 day to 2 years: For the general public – 5.00%; For seniors – 5.50%

2 years 1 day to 3 years: For the general public – 5.20%; For seniors – 5.70%

3 years 1 day to 5 years: For the general public – 5.45%; For seniors – 5.95%

5 years 1 day to 10 years: For the general public – 5.60%; For seniors – 6.35%

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