The significance of Fixed Deposits (FD) actually goes up when it comes to senior citizens, who look for stable returns and a predictable cash flow and cannot take undue risk with the money that sustains them in their post-retirement years.
HDFC Bank offers FDs in as many as 19 buckets of tenures and offers higher rates of interest for senior citizens in all of them. Let’s have a look at all of them.
HDFC Bank FD rates
The lowest tenure basket is 7-14 days. The bank offers 3.5% for customers who are above 60 years of age. The rate stays the same in the next basket of 15 to 29 days. The rate of 4% is offered to FDs that mature anytime between 30 and 35 days – a month to a month and a half. The next three tenure brackets offer 5%. These are 46-60 days, 61-89 days and 90 days to 6 months.
Significantly, there is no FD of any tenure that offers a rate between 5% and 6% by HDFC Bank. The rate of 6.25% is offered to senior citizens for an FD of tenure between 6 months 1 day to 9 months. The rate climbs to 6.50% for 9 months 1 day to 1 year.
Middle tenures
All other tenures carry interest of at least 7%. FDs of 1 year to less than 15 months carry 7.1%, while 15 months to less than 18 months offer 7.60%. The rate of 7.75% is paid to FDs of tenure 18 months to less than 21 months.
The next two tenure baskets – 21m months to 2 years and 2 years 1 day to less than 2 years 11 months pay 7.50%. The rate of 7.85% is applicable to FDs of 2 years 11 months to 35 months.
Longer tenures
Tenures of 2 years 11 months 1 day < = 3 year and 3 years 1 day to < 4 years 7 months attract an interest rate of 7.5%.
The peak interest rate of 7.9% is offered to those who invest in FDs that mature in 55 months. Tenures of 4 year 7 months 1 day < = 5 years and 5 years 1 day to 10 years offer 7.50% interest.
The point to note is that as many as FDs of 11 tenures out of 19 carry interest rate of at least 7%. The tax saver FD which if of 5 years bear an interest rate of 7.5%.
HDFC Bank is the biggest bank in the private sector in India. It offers Fixed Deposits in as many as 19 baskets divided according to maturity tenures. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
