If you have also invested in HDFC Bank’s FD, then you can see a big change in the month of June. Because India’s largest housing finance company HDFC is ready for merger with the country’s largest private sector HDFC Bank.
This merger is expected to be completed by the month of June. HDFC customers, whether borrowers or depositors, may see changes in FD interest rates after this merger. Let us find out how the FD interest rates will change for these customers after the merger.
Difference in interest rates
FD interest rates in HDFC Bank have always been lower than the interest rates offered by housing finance company HDFC. If you invest in HDFC FDs of less than Rs 2 crore for a tenure of 66 months, you will get an annual interest of 7.45 per cent till May 8, 2023. HDFC Bank is offering an interest rate of 7 percent for the same tenure. But after the merger, there will be a change in FD interest rates.
The interest rates for FD in Housing Finance Company range from 6.95 percent to 8 percent. The tenure of retail FD in HDFC ranges from 22 months to 120 months. Retail FD interest rates in HDFC Bank range from 3 percent to 7.5 percent, while you can choose any tenor of your choice.
What is special for senior citizens
For senior citizens, the housing finance company offers an additional interest rate of 0.25 per cent on deposits up to Rs 2 lakh. However, HDFC Bank offers an additional interest rate of 0.50 percent on FDs on behalf of senior citizens. As you can see, there is a difference in the interest rates offered by HDFC and HDFC Bank.
