HDFC Bank hikes FD interest rates up to 75 basic points

HDFC Bank has increased fixed deposit (FD) interest rates by up to 75 basis points. The new interest rates are effective from October 11, 2022, and are applicable for FD amounts less than Rs. 2 crores. The hike has been announced after a gap of two months.

The bank stated that it has raised the FD interest rates for 7 to 29 days tenure from 2.75 percent to 3 percent, a 25 bps increase. The interest rate on fixed deposits maturing in 30 to 60 days has been raised by 25 basis points, from 3.25 percent to 3.50 percent. On fixed deposits due in 61 days to 89 months, HDFC Bank will now offer an interest rate of 4 percent, from the earlier 3.25 percent, an increase of 75 bps.

In the present times, the Bank will offer an interest rate of 4.25 percent, up from 3.7 percent, which was offered previously. One-year to two-year FD tenure will now earn 5.50 percent from 5.35 percent, an increase of 15 basis points. Tenure of two years, one day to three years FDs will continue to earn 5.50 percent. The bank has hiked the interest rate by 40 bps for the tenure three-year one day to five years to 6.10 percent from 5.70 percent earlier.

At the same time, the interest on fixed deposits has been raised from 4.65 percent to 5 percent. This has been the interest rate on fixed deposits maturing in 6 months, 1 day to 9 months.

For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable will be 1 percent below that of the lower of either :
a) the rate for the original /contracted tenor for which the deposit has been booked or
b) the base rate applicable for the tenor for which the deposit has been in force with the bank except for the deposits booked with a tenor of 7-14 days.

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