HDFC Bank Slashes Fixed Deposit Rates: Check To Know

On Thursday, HDFC Bank slashed fixed deposit rates that will be enforced starting October 15, 2020. The deposit rates have been slashed for maturities ranging between 1 and 2 years. HDFC Bank has cut the interest rates by 20 basis points (bps) and 10 bps on deposits with maturity one year and two years, respectively. 1 basis point is one-hundredth of a percentage point.

Here are the new HDFC Bank Fixed Deposit rates:

7 - 14 days 2.50%
15 - 29 days 2.50%
30 - 45 days 3%
46 - 60 days 3%
61 - 90 days 3%
91 days - 6 months 3.5%
6 months 1 days - 9 months 4.4%
9 months 1 day 1 year slashed 4.9%
1 year 1 day - 2 years 5%
2 years 1 day - 3 years 5.15%
3 year 1 day- 5 years 5.30%
5 years 1 day - 10 years 5.50%

For senior citizens other than the usual 0.5% higher interest rate, there is an extended scheme up till December 31, 2020, under which they can book an FD for an extra 0.25% premium i.e. they would get 6.25% return per annum on deposits of 5 years at the bank.

Why you should not make FD investment for over 1 year?

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