The war on deposits is getting more closure as Q4 FY23-24 is coming towards the end. On 9th February 2024, HDFC Bank has raised interest rate on its retail Fixed Deposit. The bank has raised up to 25 bps in various tenures.
Post this rate revision, the senior citizens will get interest rate between 3.50% to 7.75% and regular citizens will get interest rate between 3.00% to 7.25% for retail fixed deposits. The bank has hiked interest rates from 7.00% to 7.25% for period of 18 months-less than 21 months for regular customers. Senior citizen best interest rate is now at 7.75% for 18 months to < 21 months and best interest rate for regular customers is 7.25% for the same tenure.
Below is the detailed interest rate offered for different customer types and tenures.
|
Tenure |
Interest Rate for Regular Customers | Interest Rate for
Senior Citizens |
Interest Rate for NRE Customers |
|
7-14 days |
3.00% | 3.50% | N.A. |
|
15-29 days |
3.00% |
3.50% |
|
| 20-45 days | 3.50% |
4.00% |
|
|
46-60 days |
4.50% | 5.00% | |
|
61-89 days |
4.50% |
5.00% |
|
| 90 days – 6 months | 4.50% |
5.00% |
|
|
> 6 month-9 months |
5.75% | 6.25% | |
| > 9 months – < 1 year | 6.00% |
6.50% |
|
|
1 year- < 15 months |
6.60% | 7.10% |
6.60% |
|
15 months – < 18 months |
7.10% | 7.60% |
7.10% |
|
18 months – < 21 months |
7.25%* | 7.75%* |
7.25%* |
|
21 months – 2 years |
7.00% | 7.50% | 7.00% |
| > 2 years – < 2 Yr 11 months | 7.00% | 7.50% |
7.00% |
|
2 Yr 11 months-35 months |
7.15% | 7.65% |
7.15% |
|
>35 months – 3 years |
7.00% | 7.50% | 7.00% |
| >3 year – < 4 Yr 7 months | 7.00% | 7.50% |
7.00% |
|
4 Year 7 Months – 55 months |
7.20% | 7.70% | 7.20% |
|
>55 months – 5 years |
7.00% | 7.50% |
7.00% |
| > 5 years – 10 years | 7.00% | 7.75%* |
7.00% |
The above rates revision has been on retail fixed deposits. Retail fixed deposits are those FDs that are of amount of less than 2 Crores.
* Indicates the best rate for the segment.