HDFC Bank FD Rates: The latest interest rates offered by India's largest banker, HDFC Bank is as high as 7.90% on FDs below Rs 3 crore, and above Rs 3 crore to Rs 5 crore. Senior citizens are the biggest beneficiaries. The longer the tenure of FDs, the higher the rate of returns. FDs are the most traditional and risk-free investment scheme in India, offering guaranteed returns to both individuals and the elderly.
HDFC Bank FD Rates:
The latest revision is made in FDs between Rs 3 crore and Rs 5 crore. The bank is offering a 7.90% rate on FDs for 1 year to less than 15 months tenure to senior citizens. Further, the bank offers a 7.75% rate on 18 months to less than 21 months tenure. At the same time, elderlies would get 7.50% returns on FDs between 2 years 1 day to 10 years. On shorter tenures, elderlies will get up to 5.25% to 7.25% on less than 1 year tenures with the minimum period being 7 days.
To general citizens, the interest ranges from 4.75% to as high as 7.40% on FDs between Rs 3 crore to Rs 5 crore.
Meanwhile, on FDs below Rs 3 crore, the interest rate is 7.85% for senior citizens on 2 years 11 months to 35 months tenure. The bank also offers 7.90% to senior citizens on 4 years 7 months to 55 months. Furthermore, the rate of return is 7.50% on 21 months to 2 years, 3 years 1 day to less than 4 years 7 months, 4 Years 7 Months 1 day
For general individuals, the rate of returns ranges from 3% to as high as 7.40% on tenures from 7 days to 10 years.
As per the HDFC Bank website, the minimum amount of investment for a Fixed Deposit is Rs. 5,000. Premature withdrawal is allowed after the bank charges a penalty in the rate of interest.
HDFC Bank's website also highlighted that a Fixed Deposit is kept for a longer period and hence it earns a higher rate of interest.
Let's calculate returns:
If you open an FD account with Rs 5,000, Rs 10,000, or Rs 1,00,000 at HDFC Bank, here's what depositors will gain. The calculation is done using HDFC Bank FD Calculate available on the official website.
Rs 5,000 FDs: If the tenure is 55 months, then a senior citizen will get Rs 2,154 interest on their Rs 5,000 investment at a 7.90% rate.
Rs 10,000 FDs: The interest earned is higher to Rs 4,310 on Rs 10,000 FDs at a 7.90% rate for 55 months to senior citizens.
Rs 1,00,000: On Rs 1 lakh FDs at a 7.90% rate, senior citizens would get an interest income of Rs 43,105 on maturity which in this case would be 55 months.
Disclaimer: The write-up is just for information purposes, and is not an investment recommendation. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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