For the convenience of customers, HDFC Bank has divided its FDs into 19 categories according to tenures. These are from the lowest of 7-14 days to a highest of 5 years 1 day to 10 years.
Going by the interest rates they offer, the FDs can be divided into a lowest of 3% for non-senior citizens (and 3.5% for senior citizens) to a highest of 7.4% for those below 60 years to 7.9% for those above 60 years.
HDFC Bank FD rates 2024
7%+ for 10 slabs
Significantly, the higher rates (7% and above) are paid for higher tenures of 15 months and above, which gives the bank an assured source of funds for longer terms.
Let’s calculate the amount of interest that will be paid if someone invests Rs 2.5 and Rs 5 lakh for the periods that offer the higher rates.
Rs 2.5 lakh deposit for 55 months
If a person deposits Rs 2.5 lakh for 55 months – the tenure with the highest interest rate – he/she would be paid interest close to Rs 1 lakh (Rs 99,772 to be precise).
If booked today, on August 3, the FD will mature on March 3, 2029.
If the same amount is invested by a senior citizen for the same tenure, the interest paid will rise to Rs 107,727.
Rs 5 lakh deposit for 55 months
If Rs 5 lakh is invested for 55 months, it would bring Rs 199,556 for someone below 60 years. For a senior citizen, the same amount would earn an interest of Rs 215,453.
Interest for 35 months
The second highest interest rate bracket is for 35 months. The rate of interest HDFC Bank pays for this tenure to its customers is 7.35% for those below 60 years and 7.85% for those above 60.
Rs 2.5 lakh for 35 months
If someone below 60 years invests Rs 2.5 lakh for 35 months, he/she would be paid an interest of Rs 59,120. And if booked today, the tenure would end on July 3, 2027.
If a senior citizen is the investor, he/she would earn the interest of Rs 63,572.
Rs 5 lakh for 35 months
If the investment is raised to Rs 5 lakh for the same tenure of 35 months, the interest accumulating at the end of the term will come to Rs 118,242 for a non-senior citizen.
For a senior citizen, the interest payout will rise to Rs 127,147.
HDFC FD rates 2024: HDFC Bank is the country’s biggest private sector bank that is high on technology-driven modern services for the customer. Beginning an FD in this bank is possible without visiting a branch. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
