HDFC Bank hikes rates of interest on recurring deposits (RDs). Details right here

HDFC Bank has raised rates of interest on recurring deposits (RDs). The new charges are efficient from 11 October 2022. HDFC Bank has elevated rate of interest by as much as 50 foundation factors on choose tenures. The financial institution has raised the rates of interest on RDs maturing in 6 to 36 months and 90 to 120 months. After the newest hike, HDFC Bank will now supply 4.25% to six.10% rates of interest on RDs with tenures starting from 6 months to 120 months for most of the people

HDFC Bank RD charges for senior residents

HDFC Bank will now supply 4.75% to six.75% rates of interest on RDs to senior residents with tenures starting from 6 months to 120 months

HDFC Bank new FD charges

HDFC Bank has hiked rates of interest on fastened deposits of lower than ₹2 crore. As per the financial institution’s official web site, the brand new charges are efficient from eleventh October 2022. After the newest hike, HDFC Bank curiosity rates of interest starting from 3.00% to six.00% on deposits maturing in 7 days to 10 years to common public.  Senior residents are getting an rate of interest starting from 3.50% to six.75% on these deposits.

Recurring deposits (RDs) are much like fastened deposits (FDs). But in case of RD, as a substitute of investing every thing without delay, you could arrange recurring deposits to make deposits on a month-to-month foundation.

Investing in an RD scheme is a good possibility for salaried individuals as they don’t have to speculate a lump sum quantity at one time as is the case in Fixed Deposits. In RD, the investor wants to speculate solely part of their earnings each month, the quantity of which is predetermined.

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