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HDFC Bank Slashes Fixed Deposit Rates Yet Again; 1-Year FD Now Fetches 6.6%
HDFC Bank, the private sector lender, has yet again revised FD rates on select maturities in less than 15 days. The new rates are applicable from September 13, 2019. The last time the lender brought about FD rate revision was on August 30. For FDs maturing in less than one year, the interest rate has been kept unchanged. On its FD, the bank offers return of 3.5-7% for 7 days to 10 years tenure.
The new FD rates that come into effect from September 13:
| FD tenure | Earlier rate | New rates as revised on Sept 13 | |
|---|---|---|---|
| 1 year | 6.9% | 6.6% | |
| 1 year 1 day to 2 years | 6.8% | 6.6% | |
| 2 years 1 day to 3 year | 7.1% | 7.0% | |
| 3 year 1 day to 5 years | 7.0% | 6.9% | |
| 5 years 1 day to 10 years | 7.1% | 7.0% |
Notably, senior citizens continue to get higher return by 50 basis points or 0.5%. One-basis point is one-hundredth of a percentage point.
Other banks that have revised interest rate on fixed deposit after RBI's August monetary policy review include SBI, Axis Bank, Bank of India and Kotak Mahindra Bank.
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