HDFC Bank hikes bulk FD charges, earn as much as 7.15% for 15 months to 2 years tenor

India’s largest non-public sector lender HDFC Bank has hiked its rates of interest on bulk mounted deposits (FDs) of ₹greater than 2 Crore to ₹5 Crores. This announcement by HDFC Bank got here consistent with RBI’s repo price hike by 25 foundation factors to six.50 p.c on February 8. Following the announcement, HDFC Bank is now offering rates of interest on deposits with phrases starting from 7 days to 10 years that vary from 4.75% to 7.00% for most people and 5.25% to 7.75% for senior residents. As per the official web site of HDFC Bank, the newest FD charges are efficient as of seventeenth February 2023.

HDFC Bank Bulk FD Rates

The financial institution is now providing an rate of interest of 4.75% on bulk mounted deposits that mature in 7 to 29 days, whereas HDFC Bank is now offering an rate of interest of 5.50% on bulk mounted deposits that mature in 30 to 45 days. As of proper now, HDFC Bank is offering rates of interest of 5.75% for deposits held for 46 to 60 days and 6.00% for deposits held for 61 to 89 days.

Deposits maturing in 90 days to six months now earn 6.50% curiosity, whereas these maturing in 6 months, 1 day to 9 months now earn 6.65% curiosity. On bulk mounted deposits maturing 9 months 1 day to 1 Year, the financial institution is providing an rate of interest of 6.75% and on these maturing in 1 yr to fifteen months, HDFC Bank will now supply an rate of interest of seven.00%.

HDFC Bank will now supply an rate of interest of seven.15% on a deposit tenor of 15 months to 2 years and an rate of interest of seven.00% on a deposit tenor of two years 1 day to 10 years.

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HDFC Bank Bulk FD Rates (hdfcbank.com)

Senior residents will get an extra rate of interest of 0.50% over and above the common charges on bulk mounted deposits of HDFC Bank maturing in 7 days to five years. Only senior residents and retired workers who’re Indian residents and not less than 60 years outdated are eligible for extra rate of interest advantages.

During a particular deposit supply or Senior Citizen Care FD of HDFC Bank that runs from May 18, 2020 to March 31, 2023, senior residents who wish to guide a hard and fast deposit for lower than Rs. 5 crore for a time period of 5 years and 1 day to 10 years will obtain an extra premium of 0.25% over and above of the present premium of 0.50%.

Senior Citizens who guide new mounted deposits or renew present ones throughout the aforementioned interval will probably be eligible for this particular supply; Non-Resident Indians will not be eligible for this supply. Hence, on bulk mounted deposits of lower than ₹5 Cr maturing in 5 years to 10 years, senior residents will get an rate of interest of seven.75% which is 75 bps larger than the usual charges relevant beneath the Senior Citizen Care FD.

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