Private sector lender, HDFC Bank has raised the interest rates on fixed deposits (FDs) by 10 basis points (bps) across multiple tenors, effective from December 1, 2021.
As per the bank's website, it is now offering a 2.50 per cent interest rate on deposits with a maturity of 7 to 29 days, 3 per cent interest rate on FDs with a maturity of 30 to 90 days, 3.5 per cent for deposits with maturity of 91 days to six months, and 4.4 per cent for FDs within six months to less than one year.
The bank is offering a 4.9 per cent interest rate on one-year FDs. Meanwhile, on deposits maturing in one and two years, HDFC Bank has increased the interest rates by 10 bps, which will now earn a 5 per cent interest rate.
Moreover, the bank will continue to offer senior citizens a 25-bps bonus rate of interest.
FD rates of other banks
The State Bank of India (SBI) is offering an interest rate between 2.9-5.4 per cent for deposits below Rs 2 crore across varying tenors ranging from seven days to 10 years.
ICICI Bank is offering FD rates ranging between 2.5-5.5 per cent for tenors between seven to 10 years.
Meanwhile, NBFCs like HDFC and Bajaj Finance have also announced hikes in their FD rates.
The interest hikes have come just a week before the RBI's bi-monthly monetary policy review next week.
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