HDFC Bank, the largest private sector bank, has increased the interest rate on fixed deposits by up to 75 basis points.
The new interest rate is applicable from December 14 only. According to the information available on the bank’s website, the minimum interest rate on FDs below Rs 2 crore has been reduced to 3 per cent and the maximum interest rate to 7 per cent. The minimum interest rate for senior citizens is 3.50 percent and the maximum interest rate is 7.75 percent.
According to the information available on the bank’s website, the new interest rate on term deposits of less than 2 crores has been 3 per cent for 7-14 days, 3 per cent for 15-29 days, 3.50 per cent for 30-45 days. . The interest rate on FDs ranging from 46 days to six months has gone up to 4.50 per cent. The interest rate on FDs ranging from six months, one day to 9 months has gone up to 5.75 per cent.
Maximum interest of 7 percent
The interest rate on FDs of 9 months 1 day to less than one year has gone up to 6 per cent. The interest rate on term deposits ranging from 1 year to less than 15 months has gone up to 6.50 per cent. The interest rate on FDs ranging from 15 months to 10 years will be 7 percent.
Senior citizens will get interest up to 7.75 percent
Senior citizens will get at least 3.50 percent interest. The interest rate on FDs ranging from 5 years 1 day to 10 years is 7.75 percent. This is 75 basis points more than the average citizen. An additional benefit of 25 basis points has been given in this. HDFC Bank implemented a scheme on 18 May 2020 which will run till 31 March 2023.
Under this scheme, senior citizens will get an additional benefit of 25 basis points in interest on fixed deposits of less than 5 crores for a period ranging from 5 years 1 day to 10 years. This will be over and above the senior citizen premium of 50 basis points.
SBI has also increased interest on fixed deposits.
On December 13, SBI had decided to increase the interest rate on FDs. State Bank of India is now offering interest of at least 3% and maximum of 6.75% on Fixed Deposits of less than 2 crores. Senior citizens will get the benefit of 50 basis points separately in the interest rate. There will be an additional benefit of 50 basis points in interest under the SBI Wecare scheme. The bank is offering interest of at least 3 percent and maximum of 7.75 percent to senior citizens.
