HDFC Bank hikes FD interest rates for second time this month: Earn up to 6.25% on this FD tenure
HDFC Bank hikes FD interest rates for second time this month: Earn up to 6.25% on this FD tenur
HDFC Bank has increased fixed deposit (FD) interest rates for the second time this month. HDFC Bank has hiked FD interest rates by up to 50 basis points, and the new interest rates are effective from October 26, 2022. These rates are applicable for FD amounts less than Rs.2 crore
On fixed deposits due in 61 days to 89 months, HDFC Bank will now offer an interest rate of 4.50 percent, from 4 percent earlier, an increase of 50 bps.
On fixed deposits with a tenure of 90 days to 6 months, HDFC Bank will now offer an interest rate of 4.50 percent, up from 4.25 percent previously.
On FD tenure of 6 months 1 days to less than 9 months will now earn 5.25 percent from 5 percent and for tenure of 9 months 1 day to less than 1 year will now earn 5.50 percent.
One year to 15 months FD tenure will now earn 6.10 percent. Tenure of 15 months to less than 2 years FDs will earn 6.15 percent.
Tenure of two years, one day to five years FDs will earn 6.25 percent after the hike. The bank has hiked interest rate by 20 bps for the five to ten years to 6.20 percent from 6 percent earlier.
Latest HDFC Bank FD rates
Investors over the age of 60 will receive an additional rate advantage of 0.50 percent.
HDFC Bank RD interest rate
HDFC Bank will now offer 4.50 percent to 6.25 percent interest rates on RDs with tenures ranging from 6 months to 120 months for the general public.
According to the HDFC Bank website, “Interest on a Recurring Deposit will be calculated from the date the instalment is paid. The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding. TDS on RD is applicable as per Finance Act 2015. TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceeds Rs.40,000/- (Rs. 50,000/- for senior citizens) in a financial year.”