HDFC Bank Increases FD Interest Rate w.e.f. August 18, 2022: Check Details

Following other banks from the private and public space, the country's leading private bank HDFC Bank has also hiked FD interest rate. The revision has come into effect from August 18, 2022 and for FD amount less than Rs. 2 crore.

Likewise, as per the bank website, the interest rate has been hiked for select tenures and accordingly fixed deposit maturing between 1 year to 2 years will now fetch 5.5% as against 5.35% earlier, an increase of 0.15% or 15 basis points. 1 basis point is one-hundredth of a percentage point. The bank has hiked interest rate on tenure between three-year one day to five years to 6.10 percent from 5.70 percent earlier, an increase by 40 basis points.

So, post the latest hike, senior citizens considering an FD with HDFC Bank on a deposit less than Rs. 2 crore can get the highest return of 6.6% on a tenure of 3 year 1 day to 5 years.

Here are the latest HDFC rates as sourced from the bank website:

Tenor Bucket
0	Interest Rate (per annum)	Senior Citizen Rates (per annum)
7 - 14 days	2.75%	3.25%
15 - 29 days	2.75%	3.25%
30 - 45 days	3.25%	3.75%
46 - 60 days	3.25%	3.75%
61 - 89 days	3.25%	3.75%
90 days - 6 months	3.75%	4.25%
6 mnths 1 days - 9 mnths	4.65%	5.15%
9 mnths 1 day	4.65%	5.15%
1 Year	5.50%	6.00%
1 year 1 day - 2 years	5.50%	6.00%
2 years 1 day - 3 years	5.50%	6.00%
3 year 1 day- 5 years	6.10%	6.60%
5 years 1 day - 10 years	5.75%	6.50%

Further, the bank website mentions that the Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non leap year.The period of Fixed Deposit is calculated in number of days.

"For Premature Closure (for all amounts, and for including Sweep In/ Partial Withdrawal), the final rate applicable will be 1% Below that of the lower of either: a) the rate for the original /contracted tenor for which 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 tenor 7-14 days", notes the bank website.