The rate of interest applicable to customers depends on the tenure of deposit and the age of the customer. The rates of interest applicable to the deposits come under the retail FD basket – deposits under Rs 3 crore.
HDFC Bank FD interest rate 2024
Let’s calculate the interest on deposits of Rs 1 lakh, Rs 3 lakh and Rs 5 lakh for both general customers and senior citizens for different tenures. The highest interest rate of 7.4% is given for tenure of 4 year 7 months to 55 months.
General customer — 55 months
If a general customer (who is below 60 years when the FD is opened) deposits Rs 1 lakh, the interest paid for 4 year 7 months is Rs 39,913. If the deposit is raised to Rs 3 lakh, the interest payable at the end of the tenure becomes Rs 1,19,737. If the deposit is further raised to Rs 5 lakh, the interest rises to Rs 1,99,562.
Senior citizens — 55 months
Let’s see what the interest payable becomes if the above deposits are made by a senior citizen. If a senior citizen deposits Rs 1 lakh, the interest paid for 4 year 7 months (or 55 months) is Rs 43,093. If the deposit is raised to Rs 3 lakh, the interest payable at the end of the tenure becomes Rs 1,29,276. If the deposit is further raised to Rs 5 lakh, the interest rises to Rs 2,15,458.
General customer — 18 months-21 months
Let’s find out the interest that one can earn if the deposits are made for 18 months to less than 21 months, which carries the second highest interest rate – 7.25% for general citizens and 7.75% for senior citizens.
If a non-senior citizen invests Rs 1 lakh for 18 months, he/she would get Rs 11,403 as interest. The interest will rise to Rs 34,213 if the deposit becomes Rs 3 lakh and the interest would be Rs 57,022 if the investment is increased to Rs 5 lakh for the same tenure.
Senior citizens — 18 months
If investments of Rs 1 lakh, Rs 3 lakh and Rs 5 lakh are made for the same 18 months by a senior citizen, he/she would be paid interest of Rs 12,229, Rs 36,687 and Rs 61,148 respectively.
General citizen — 15 months
If a general customer invests Rs 1 lakh for 15 months, the interest payable becomes Rs 9,204 and if Rs 3 lakh is deposited the amount payable as interest becomes Rs 27,612. Raise the investment to Rs 5 lakh and the interest payable turns out to be Rs 46,019.
HDFC Bank is the biggest private sector bank in India. It offers FDs to retail clients in 19 different tenures. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
