HDFC Bank Hikes Fixed Deposit Interest Rates By 15-20 Bps On Select Tenures

The largest private sector lender in India based on market capitalization, HDFC Bank, has increased the interest rate on fixed deposits below Rs 2 Cr. The bank hiked interest rates by 15 to 20 basis points on select tenures, particularly on long-term deposits, as of June 10. This information from HDFC Bank following the release of the Reserve Bank of India's (RBI) governor Shaktikanta Das' second bi-monthly monetary policy for the fiscal year 2024-2025. The six members of the Monetary Policy Committee (MPC) decided to maintain the benchmark repo rate at 6.5% on Friday for the eighth consecutive month.

HDFC Bank FD Rates

On fixed deposits maturing in 7 - 29 days, the bank will continue to offer an interest rate of 3.00% and on those maturing in 30 - 45 days, HDFC Bank will continue to offer an interest rate of 3.50%. HDFC Bank will continue to offer an interest rate of 4.50% on a deposit tenure of 46 days to 6 months and 5.75% on 6 months 1 day to 9 months tenure. Fixed deposits at HDFC Bank maturing in 9 months 1 day to 1 year will continue to fetch an interest rate of 6.00% and those maturing in 1 year to 15 months will continue to pay an interest rate of 6.60%.

Tenor Bucket	Interest Rate (per annum)	Senior Citizen Rates (per annum)
7 - 14 days	3.00%	3.50%
15 - 29 days	3.00%	3.50%
30 - 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 months 1 day - 9 months	5.75%	6.25%
9 months 1 day to 1 year	6.00%	6.50%
1 year to 15 months	6.60%	7.10%
15 months to 18 months	7.10%	7.60%
18 months to 21 months	7.25%	7.75%
21 months - 2 years	7.00%	7.50%
2 Years 1 day to 2 Year 11 Months	7.15%	7.65%
2 Years 11 Months - 35 Months	7.15%	7.65%
2 Years 11 Months 1 day - 3 Year	7.15%	7.65%
3 Years 1 day to 4 Years 7 Months	7.20%	7.70%
4 Year 7 Months - 55 months	7.20%	7.70%
4 Year 7 Months 1 day - 5 Years	7.20%	7.70%
5 Years 1 day - 10 Years	7.00%	7.50%
Source: Bank Website

The bank will continue to give a 7.10% interest rate on fixed deposits that mature between 15 to 18 months, and a 7.25% interest rate on those maturing in 18 to 21 months, thanks to HDFC Bank. The interest rate on deposits made for a period of 21 months to two years will remain at 7%, while HDFC Bank has increased the interest rate by 15 basis points, from 7% to 7.15%, for deposits made for two years, one day, to two years, eleven months.

Deposits that mature in 2 years 11 months to 35 months will still pay interest at 7.15%, while those that mature in 2 years 11 months to 1 day to 3 years will pay 15 basis points more at 7.15%, up from 7% before. Fixed deposits maturing in 3 years, 1 day to 4 years, 7 months will now have an interest rate hike of 20 basis points from 7% to 7.20%, while those maturing in 4 years, 7 months to 55 months will still get 7.20% from HDFC Bank.

HDFC Bank raised interest rates on deposits with terms ranging from 4 years, 7 months, and 1 day to 5 years by 20 basis points from 7% to 7.20%. However, the bank will still pay a 7% interest rate on deposits with maturities between 5 years, 1 day, and 10 years.

You can begin opening a fixed deposit account at HDFC Bank for as little as Rs 5,000. With the HDFC Bank FDs, you can opt for flexible tenure and decide whether to get interest payments on a monthly, quarterly, or maturity basis. Senior citizens continue to receive an additional 50 basis points per year in benefits over and above the standard rates for all tenures.