HDFC Bank, the country’s largest private bank, has made a notable decision to benefit its customers by increasing interest rates on fixed deposits (FDs).
This change, effective from July 24, 2024, applies to FDs less than Rs 3 crore.
Both general customersand senior citizens will now receive 0.20 percent (20 basis points) more interest on their deposits.
Both general customers and senior citizens will now earn an extra 0.20% (or 20 basis points) on their FDs.
New FD Rates for Ordinary Citizens
HDFC Bank is offering the following interest rates on FDs based on their duration:
- 7-29 days: 3%
- 30-45 days: 3.50%
- 46 days to less than 6 months: 4.50%
6 months 1 day to less than 9 months: 5.75%
9 months 1 day to less than 1 year: 6%
- 1 year to less than 15 months: 6.60%
- 15 months to less than 18 months: 7.10%
- 18 months to less than 21 months: 7.25%
21 months to less than 2 years 11 months: 7%
Special Edition FD and Senior Citizen Benefits
HDFC Bank is also offering special interest rates on FDs with tenures of 2 years 11 months (35 months)
and 4 years 7 months (55 months). Senior citizens will receive an additional 0.50 percent interest on their FDs.
HDFC Bank Stock Update
HDFC Bank’s stock has seen a rise of over 1% today, trading at Rs 1623.15 per share, up by Rs 19.10 or 1.19%.
The increase in FD interest rates has positively impacted the bank’s stock performance, with investors seeing gains despite a falling market.
