State Bank of India, the country’s largest financial institution, had announced an increase in the rate of fixed deposits on January 13. Just a day after this, on Wednesday, the big private sector bank HDFC has also made a similar announcement and has given good news to the customers in the last year.
According to the official website of HDFC, the new rates on FDs of less than two crores will be effective from December 14, 2022 only. According to the new rates, now customers will get the benefit of interest on FDs up to 7 percent.
Significantly, a day before this, the country’s largest bank SBI had also announced an increase in the rates of bank FDs. The bank had increased the interest rates for FDs of less than Rs 2 crore and the new rates were implemented from December 13 itself. It is noteworthy that earlier SBI had revised the interest rates on fixed deposits on 22 October 2022.
What will be the interest rates
| 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 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
| 9 mnths 1 day to < 1 year | 6.00% | 6.50% |
| 1 year to < 15 months | 6.50% | 7.00% |
| 15 months to < 18 months | 7.00% | 7.50% |
| 18 months to < 21 months | 7.00% | 7.50% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 years 1 day – 3 years | 7.00% | 7.50% |
| 3 year 1 day to – 5 years | 7.00% | 7.50% |
| 5 year 1 day – 10 years | 7.00% | 7.75%* |
There is also a big benefit for senior citizens
While HDFC Bank has increased the interest rates for senior citizens. In this, 50 bps more interest can be taken from the bank than the standard rate on deposits maturing within 7 days to 5 years. After this increase, senior citizens will get an interest rate of 3.5 to 7.75% on FDs maturing in 7 days to 10 years.
The bank has also made a big announcement regarding its special FD ‘Senior Citizen Care FD’ for 5 years 1 day to 10 years. On this FD, senior citizens will get an additional premium of 0.25% in addition to 0.50%. This FD is valid till March 31, 2023.
