HDFC Bank, SBI and others revise FD interest rates, tenure

New Delhi: HDFC Bank, SBI and other banks have revised FD rates and tenure following RBI’s revision of bul deposit rate rules. Reserve Bank of India governor Shaktikanta Das revised the lower limit of bulk deposits to Rs 3 crore, leading to a revision in bank FD rates and tenures.

Earlier, deposits which were opened with minimum amount of Rs 2 crore were bulk deposits, while term deposits worth less than Rs 2 crore were classified as retail FDs. The RBI’s revision of bulk deposit floor has led to banks’revision of FDs worth up to Rs 3 crore being classified as FDs. To be sure, bulk deposit rates are conventionally higher compared to retail FD rates.

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HDFC Bank FD revised rates 

HDFC Bank, the country’s largest private sector lender, has revised FD rates with effect from June 12, 2024. Other lenders such as Bank of Baroda have also revised interest rates effective June 12, 2024. Utkarsh Small Finance Bank revised its FD rates from June 7, 2024. Public sector lender Punjab National Bank revised the interest rate on both fixed and bulk deposits.

SBI revised FD tenure

SBI’s revised the FD tenure following RBI’s revision of bulk deposit and retail deposit rules. Axis Bank, Yes Bank, RBL Bank adjusted the classification of bulk deposits and fixed deposits on their websites and interest rates with effect from June 8, 2024. DCB Bank revised the classification of FDs and bulk deposits on its website on June 7, 2024.

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 HDFC Bank, SBI and other banks revise their FD interest rates and tenures following the Reserve Bank of India’s change of the upper ceiling on bulk deposits.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today