HDFC Bank reduces FD interest rates : Check affected schemes
What's the story
HDFC Bank has revised the interest rates on fixed deposits (FDs) of up to ₹3 crore. The change came into effect from today. This comes after a similar decision by the State Bank of India (SBI), which lowered rates on select long-tenure deposits while keeping most short- and medium-term rates unchanged. The move follows the Reserve Bank of India's (RBI) recent decision to cut the repo rate by 25 basis points to 5.25%.
Rate cut
HDFC Bank reduces FD rates for 18-21 months
HDFC Bank has reduced the FD rates by 15 basis points for deposits with tenures between 18 months and less than 21 months. The new rate for general customers is now at 6.45% per annum, down from the previous rate of 6.6%. Senior citizens will now get a return of 6.95% per annum, down from the earlier rate of 7.1%.
Rate revision
HDFC Bank revises FD rates for other tenures too
HDFC Bank has also revised its FD rates for other tenures ranging from seven days to 10 years. The new rates for general customers vary between 2.75% and 6.4%, depending on the deposit period and customer category, while rates for senior citizens can go up to 6.95% for certain tenures. Notably, the bank offers separate FD schemes for resident and NRI customers with different minimum tenors for NRE deposits set at one year.