HDFC Bank has increased interest rates on some Fixed Deposits (FD) by up to 50 basis points. The increase will be applicable to FDs of less than Rs 3 crore. The new interest rates are effective from November 4. Senior citizens will get higher interest rates than ordinary investors.
50 basis points increase in interest rates on short-term FDs
HDFC Bank has increased the interest rate on FDs from 61 days to 6 months from 4.25 percent to 4.75 percent. The interest rate on FDs from 6 months one day to 9 months has increased by 15 basis points to 5.65 percent. Interest rate has now increased to 5.90 percent on FDs from 9 months one day to less than one year.
6.25% interest on FDs from one year to less than 15 months
6.25 percent interest will now be charged on FDs from one year to less than 15 months. 6.35% interest rate will be available on FDs from 15 months to less than 18 months. The new interest rate of 6.60 percent will be applicable on FDs from three years one day to four years and less than seven months. 04 years seven months to five years deposit will now get 6.60 percent interest.
The bank also increased interest rates for senior cities
HDFC Bank has also increased interest rates for senior cities. Now senior citizens can earn up to 7.20 percent interest rate on FDs with HDFC Bank. This interest rate will be available on deposits of less than three years one day to four years seven months. Deposits from four years and seven months to five years will also get an interest rate of 7.20 percent.
3,87,227 rupees will be earned on doing FD for 5 years
If a person under 60 years of age keeps an FD of Rs 10 lakh in HDFC Bank for 5 years, he will get interest at the rate of 6.60 per cent per annum. This means, after 5 years his money will increase to Rs 13,87,227. It includes interest income of Rs 3,87,227 on Rs 10 lakh.
Earning Rs 4,28,748 on doing FD
A person above 60 years i.e. a senior citizen will get an interest rate of 7.20 percent on a 5-year deposit. This means, a senior citizen’s Rs 10 lakh will increase to Rs 14,28,748 after 5 years. It includes an interest income of Rs 4,28,748 on a deposit of Rs 10 lakh. Other banks also offer higher interest rates to senior citizens as compared to general investors.
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