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HDFC Bank raises deposit rates by up to 100 basis points

HDFC Bank raises deposit rates by up to 100 basis points

Interest rate on deposits with maturity of one year and 17 days to two years has been raised by 75 bps to 7 per cent. For deposits maturing between two years and five years, the rate has been hiked by 100 bps to 7 per cent. Retail deposits between five years and 10 years will continue to deliver 6 per cent returns.

Private sector lender HDFC Bank has raised interest rates for deposits by up to 100 basis points in a bid to grow its deposits. For deposits under Rs 1 crore, deposits rates have been raised by 10 basis points to 6.85%.  

Interest rate on deposits with maturity of one year and 17 days to two years has been raised by 75 bps to 7 per cent. For deposits maturing between two years and five years, the rate has been hiked by 100 bps to 7 per cent. Retail deposits between five years and 10 years will continue to deliver 6 per cent returns.

On March 28, country's largest lender SBI raised interest rates on fixed deposits by 10-25 basis points for tenures ranging between two and 10 years.

The new rates range between 6.6 per cent and 6.75 per cent. For fixed deposits below Rs 1 crore and with two-three years tenure, the interest rate was fixed at 6.60% from the existing 6.50%. The bank owns more than one-fifth of India's banking assets.