New Delhi: In today’s modern era, people are fulfilling their dreams of earning money through various means. One such way is by participating in small savings schemes. Alternatively, you can also build wealth by investing in fixed deposits (FDs), which offer the potential for significant returns. Did you know that you can earn substantial returns through fixed deposits with HDFC Bank? The bank has decided to increase interest rates on FDs by up to 50 basis points.
This hike applies to fixed deposits of less than ₹3 crore. The new interest rates came into effect on November 4. Senior citizens will receive a higher interest rate compared to general investors, providing a direct benefit to customers.
50 Basis Point Hike in FD Interest Rates
HDFC Bank, one of the country’s major banks, has raised its interest rates by 0.50%. For FDs with tenures ranging from 61 days to 6 months, the interest rate has been increased from 4.25% to 4.75%. For FDs with tenures from 6 months and 1 day up to 9 months, the rate has risen by 15 basis points to 5.65%. For FDs with tenures from 9 months and 1 day to less than one year, the interest rate has now increased to 5.90%.
6.25% Interest on FDs with Tenures Less Than 15 Months
Investing in HDFC Bank fixed deposits can yield significant gains. For FDs with tenures of less than 15 months, the interest rate is now 6.25%. For FDs ranging from 15 months to less than 18 months, the interest rate will be 6.35%. For FDs with tenures from 3 years and 1 day up to less than 4 years and 7 months, a new interest rate of 6.60% will apply. For deposits with a tenure ranging from four years and seven months up to five years, an interest rate of 6.60% will now be applicable.
What interest rate will senior citizens receive?
HDFC Bank has also increased interest rates for senior citizens. Senior citizens can now earn an interest rate of up to 7.20% on fixed deposits (FDs) with HDFC Bank. This rate applies to deposits with a tenure ranging from three years and one day to less than four years and seven months. For deposits with a tenure of four years and seven months up to five years, the interest rate will also be 7.20%.
For instance, if an individual under the age of 60 opens a fixed deposit of ₹10 lakh with HDFC Bank for a period of 5 years, they will earn interest at an annual rate of 6.60%. This means that after 5 years, the total amount will grow to ₹13,87,227, which includes an interest income of ₹3,87,227 on the initial principal of ₹10 lakh.
