The biggest private sector bank in India, HDFC Bank, has hiked the interest rates it pays to customers on bulk deposits. The rate has been revised upwards from 7.75% to 7.9%. This rate of interest is payable to senior citizens. Bulk deposits, in this case, means any amount that is between Rs 3 crore and Rs 5 crore.
The tenure in which this FDs carry this enhanced interest rate is 1 year to less than 15 months. The rate of interest that general customers (those who are under 60) are paid in this tenure is 7.4%.
Has HDFC increased interest rates?
HDFC Bank has raised interest rate on bulk deposit on the above-mentioned FD. On other tenures, the rate of interest paid by HDFC Bank to its customers on bulk deposits is as follows:
- 7-14 days: 4.75% (general customer), 5.25% (senior citizens)
- 15-29 days: 4.75% (general customer), 5.25% (senior citizens)
- 30-45 days: 5.50% (general customer), 6% (senior citizens)
- 46-60 days: 5.75% (general customer), 6.25% (senior citizens)
- 61-89 days: 6.00% (general customer), 6.50% (senior citizens)
- 90 days–less than 6 months: 6.50% (general customer), 7.00% (senior citizens)
- 6 months 1 day–less than or equal to 9 months: 6.85% (general customer), 7.35% (senior citizens)
- 9 months 1 day–less than 1 year: 6.75% (general customer), 7.25% (senior citizens)
- 1 year–less than 15 months: 7.40% (general customer), 7.90% (senior citizens)
- 15 months–less than 18 months: 7.05% (general customer), 7.55% (senior citizens)
- 18 months–less than 21 months: 7.25% (general customer), 7.75% (senior citizens)
- 21 months–2 years: 7.05% (general customer), 7.55% (senior citizens)
- 2 years 1 day–3 years: 7.00% (general customer), 7.50% (senior citizens)
- 3 years 1 day–5 years: 7.00% (general customer), 7.50% (senior citizens)
- 5 years 1 day–10 years: 7.00% (general customer), 7.50% (senior citizens)
HDFC Bank trimmed MCLR: impact on EMIs
HDFC Bank authorities have also trimmed the overnight MCLR by 5 basis points. The new MCLR stands at 9.15%. But the one-month MCLR remains unaltered (at 9.20%) as does the 3-month MCLR (at 9.30%). On the other hand, the 6-month and 1-year MCLR has been trimmed by 5 basis points, while the 3-year rate has also been trimmed by the same amount. While MCLR is a daunting jargon for the common depositor, its significance lies in the fact that it is the minimum interest rate which a bank can charge for a loan. Therefore, if it goes down, there is a probability that EMIs on loans from HDFC Bank could go down as well.
HDFC Bank is the largest private sector bank in India. It offers retail FDs (Fixed Deposit) in 19 maturity periods and bulk FDs in 15 tenures. The bank has also reduced its MCLR (Marginal Cost of Funds-based Lending Rate) that bodes well for the borrowers whose EMI could crawl down. Know in detail. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
