November 30, 2022
FD And RD Interest Rate At HDFC Bank Ltd Has Increased For All Tenors Again

FD And RD Interest Rate At HDFC Bank Ltd Has Increased For All Tenors Again

India’s leading private sector banking company, HDFC Bank Limited (NSE: HDFCBANK), raised the Fixed Deposits (FD) as well as the Recurring Deposits (RD) interest rates once again this month, making it the 2nd time. As per the official website of HDFC Bank, on the 26th of October this year (2022), which is today, the new interest rates will go into effect. 

On the 11th of October, HDFC Bank Limited last increased its rates. At the banking company, interest rates on Fixed Deposits (FD) have hiked as much as 50 BPS, and those on Recurring Deposits (RD) have climbed by as much as 45 Basis Points across tenors. After today’s rise, the bank currently offers interest rates on deposits with 7 to 10 years of maturity that vary from 3 percent to 6.2 percent to general customers.

All RD interest rates at HDFC Bank Limited have increased. It has increased the interest rate on deposits with 6 months of maturity by 25 Basis Points, from 4.25 percent to 4.5 percent. It has increased the interest rate on deposits with 9 months maturity by 25 Basis Points, from 5 percent to 5.25 percent. 

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Deposits with 12 months of maturity will earn an interest rate of 6.1 percent, up from 5.7 percent previously, showing a 40 Basis Points increase. Deposits with 15 – 24 months maturity will earn an interest rate of 6.15 percent, up from 5.7 percent previously, depicting a 45 Basis Points increase.

Interest rates have increased from 5.8 percent to 6.25 percent, a 45 Basis Points increase, for deposits with 27 – 36 months maturity, whereas for 39 – 60 months maturity, the interest rate has increased from 6.1 percent to 6.25 percent by 15 Basis Points. Deposits with maturities between 90 and 120 months will earn a 6.2 percent interest rate, up from 6% previously, which is a 20 Basis Points rise.

HDFC Bank Limited has raised interest rates on some FD tenors of under INR 2 Crore by as much as 50 Basis Points as of the 26th of October, which is today. The general public will receive the highest interest rate of 6.25 percent from the banking company on deposits with a maturity of two years, one day to five years, and senior citizens will receive the highest interest rate of 6.95 percent on deposits with a maturity of two years, one day to ten years.

HDFC Bank has raised interest rates on deposits with 46 – 60 days maturity, from 3.5 percent to 4 percent, while on deposits with 61 – 89 days maturity by 50 Basis Points, from 4 percent to 4.5 percent. The company raised interest rates by 25 BPS, from 4.25 percent to 4.5 percent, for deposits with a maturity of 90 days to 6 months and from 5 percent to 5.25 percent for deposits with a maturity of 6 months and 1 day to 9 months.

The interest rate has increased by 50 Basis Points from 5 percent to 5.5 percent for deposits with a maturity of nine months, one day to one year. On deposits with 1 year to 15 months maturity, the interest rate has increased to 6.1 percent. The interest rate on deposits maturing from 15 months to 2 years is at present 6.15 percent, and the interest rate on deposits maturing from 2 – 3 years is at present 6.25 percent, which was 5.8 percent previously, a 45 BPS rise.

The interest rate for deposits with a maturity of three years, one day to five years, has hiked by 15 Basis Points, going from 6.1 percent to 6.25 percent. The interest rate on deposits with a maturity of five years, one day to ten years, has risen by 20 Basis Points, from 6 percent to 6.2 percent.

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