HDFC Bank, India’s largest private bank, has recently unveiled two exclusive fixed deposit schemes for a limited duration.
These newly launched plans, available for investments starting from May 29, 2023, offer highly competitive interest rates on fixed deposits for durations of 35 months and 55 months.
Furthermore, senior citizens can enjoy an additional 0.50 percent interest on their investments. It’s important to note that this opportunity is only open for a limited period.
Lucrative Interest Rates on HDFC Bank’s Special Fixed Deposit Scheme
Investors who opt for the Special Fixed Deposit Scheme with a tenure of 35 months (or 2 years and 11 months) can earn an impressive interest rate of 7.20 percent.
Similarly, those choosing the 55-month (or 4 years and 7 months) special FD will enjoy a high interest rate of 7.25 percent.
HDFC Bank offers a range of interest rates between three percent and 7.25 percent on their other term fixed deposits.
For longer tenures, such as 4 years, 7 months to 10 years, the maximum interest rate of 7.25 percent is applicable.
Interest Calculation and Updated Rates for HDFC Bank’s Special FD
As per the bank’s website, the revised interest rates came into effect on May 29, 2023, for deposits below Rs 2 crore.
Notably, HDFC Bank had recently adjusted the interest rates for deposits under one year and 15 months to 6.6 percent.
Typically, regular citizens receive interest rates ranging from three percent to 7.10 percent on fixed deposits exceeding Rs 2 crore.
HDFC Bank calculates interest based on the actual number of days in a year, considering both leap and non-leap years. For non-leap years, the bank accounts for 366 days when computing interest.
Attractive Rates amidst Stable Repo Rate
In the previous fiscal year, the Reserve Bank of India had continuously raised the repo rate, prompting banks to increase their interest rates in response.
However, in the current financial year, the repo rate has remained unchanged thus far.The repo rate represents the rate at which the Reserve Bank lends to other banks.
Nonetheless, HDFC Bank’s special fixed deposit schemes offer investors an opportunity to secure strong returns on their investments.