New Delhi :
HDFC Bank hiked rates on fixed deposits (FD) worth Rs 2 crore rates starting April 6, 2022. The bank’s new interest rates are between 2.50% to 5.60% on deposits from periods ranging from 7 days and 10 years.
Aș per revised rates, HDFC Bank will give a 2.50% rate on deposits with maturing of 7-29 days; interest rate on term 30-90 days maturity deposits will be 3%;
for FD maturing in 91 days to 6 months, the interest rate of 3.50% will be given; 4.40% interest on FD with a maturity of 6 months, 1 day to 9 months and 9 months 1 day to less than 1 year.
On 1-year maturity FD, a popular financial product,
the bank increased interest rates by 10 basis points(100 basis points=1%) to 5.10% from 5% earlier while 1 year, 1 day to 2 years term deposits were also hiked by 10 basis points to 5.10%.
On deposits of 2 years and 1 day to 3 years,
3 years and 1 day to 5 years maturity and five years, 1-day to 10-years maturity, the interest rates will be 5.20%, 5.45% and 5.60% respectively.
SBI FD interest rates
Revised interest on India’s biggest public sector bank State Bank of India (SBI), on deposits less than Rs 2 crore with effect from February 15 are as follows:
on term deposits with maturity 7 days to 10 years, 2.9% to 5.5% interest rate will be applicable for the general population.
SBI gives an additional 50 basis points to senior citizens, which turns out to be 3.4 %to 6.30%.
It is to be noted that real interest rates, (interest rates minus inflation) are less than 0% currently in India due to a high-inflation environment.
The Reserve Bank of India pegs the 2021-22 inflation projection at 5.3 per cent.
The central bank also revised its estimates upwards for the entire 2022-2023 fiscal to 5.7% from 4.5% earlier.
RBI must increase interest rates for the sake of those who are entirely dependent on interest income such as retired and old people.