HDFC Bank Hikes FD Rates Once Again Within 15 Days, Senior Citizens Now Get 7%

Leading private sector bank, HDFC Bank has once again with in a span of just 15 days hiked interest rates on fixed deposits (FD) in order to make them more attractive for investors. The renowned bank has now increased FD rates by 35 basis points.

It is worth noting that the latest interest rates have already become effective. The new FD rates will be applicable for fixed deposits below Rs 2 crore.

It is important to specify that HDFC has increased interest rates for tenor over 15 months. General citizens will be able to fetch an interest rate of 6.40% for the tenor of 15 months 1 day to less than 18 months as against 6.15% offered earlier. Meanwhile, senior citizens (above 60) will get an additional benefit of 0.50% on their FDs. For the tenors of 15 months 1 day to less than 18 months, they will now get an interest rate of 6.90%.

General citizens can earn an interest rate of 6.50% for FDs maturing in 18 months to less than 5 years. HDFC increased interest rate by 5 bps for 5 to 10 years tenor from the previous 6.25% to now 6.20%.

Meanwhile, senior citizens can enjoy an interest rate of 7% for FD tenors of 18 months to less than 5 years. Senior citizens get 7% for FDs maturing in 5 years 1 day to 10 years.

According to the website of HDFC, When you open a Fixed deposit with HDFC Bank Interest on Term Deposits is calculated as below:
1) Fixed Deposits for the tenor 2) Fixed Deposits for the tenor > 6 months with Quarterly Interest Payout option: On a Quarterly basis
3) Fixed Deposits for the tenor > 6 months with Monthly Interest Payout option: Interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate
4) Fixed Deposits for the tenor > 6 months with Interest Reinvestment option: Cumulative Interest for the Quarter is added to the Principal in subsequent quarter and interest is calculated on total amount

Check interest rates below for FDs below Rs 2 crore: