HDFC Bank raises FD interest rates, offers up to 7.9% for senior citizens

New Delhi: HDFC Bank has announced an increase in its Fixed Deposit (FD) interest rates, effective July 24, 2024. The revised rates apply to deposits of amounts below Rs 3 crore and represent a hike of up to 20 basis points (bps) on certain tenures. This adjustment allows HDFC Bank to offer a competitive interest rate of up to 7.40% for general citizens and 7.90% for senior citizens on fixed deposits with tenures ranging from 4 years and 7 months to 5 years. This enhancement positions HDFC Bank as a strong contender in the fixed deposit market, particularly benefiting senior citizens who are looking for higher returns on their investments.

The new interest rates are structured as follows: Short-term deposits maturing between 7 and 29 days will earn an interest rate of 3%, while those maturing between 30 and 45 days will yield 3.50%. Deposits with a maturity period of 46 days to less than six months will offer 4.50%. For medium-term deposits, those maturing between six months and less than nine months will attract a rate of 5.75%, and those maturing between nine months and less than one year will earn 6%.

For longer-term deposits, the rates are as follows: those maturing between one year and less than 15 months will receive 6.60%, while those maturing between 15 months and less than 18 months will earn 7.10%. Deposits with tenures between 18 months and less than 21 months will offer 7.25%, and those maturing between 21 months and less than two years and eleven months will yield 7%. Additionally, the bank has increased rates by 20 bps on tenures of 2 years 11 months to 3 years, resulting in a range of 7.15% to 7.35%. The rate for tenures of 4 years 7 months to 5 years has been adjusted to 7.40%.

For senior citizens, HDFC Bank offers a higher interest rate of up to 7.90% on fixed deposits with extended tenures. This adjustment highlights the bank’s commitment to providing competitive and attractive investment options, particularly for senior citizens seeking higher returns. These revised rates reflect HDFC Bank’s ongoing efforts to meet customer needs and offer compelling financial products.

HDFC Bank FD Interest Rates 2024

 HDFC Bank has raised fixed deposit rates to up to 7.40% for general citizens and 7.90% for senior citizens, effective July 24, 2024. The new rates boost the bank’s appeal in the fixed deposit market.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today