HDFC Bank has increased interest rates on fixed deposits (FDs) for select tenors. These rates will be effective from January 12, 2021. According to the bank’s website, it has raised interest rates on FDs worth less than Rs 2 crore with maturities of above two by five-10 basis points. According to the website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
HDFC Bank will continue to offer a 25 basis point bonus rate of interest to senior citizen FD investors.
“Great News! Improved Fixed Deposit interest rates for tenure 3 years 1 day to 5 years on amount <2 Cr w.e.f 12th January, 2022. Book an HDFC Bank FD Now: hdfcbk.io/3ZXV3CKLGJnA *T&C apply. Rates are subject to change,” HDFC Bank sent some of its customers via SMS.
According to the bank’s website, HDFC Bank will continue to offer 2.50 percent interest rate on deposits with a maturity of 7 to 29 days, and 3 percent interest rate on FDs with a maturity of 30 to 90 days. 3.5 percent for FDs with maturity of 91 days to 6 months, and 4.4 percent for FDs with 6 months 1 day to less than one year tenor. On one-year FDs, the bank is offering 4.9 percent.
Other banks' FD rates
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years. ICICI Bank FD rates range from 2.5-5.5% for tenors between 7 days and 10 years.
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