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Fixed deposit rates: HDFC Bank, Bank of Maharashtra hike FD rates again for plans under Rs 2 crore

Fixed deposit rates: HDFC Bank, Bank of Maharashtra hike FD rates again for plans under Rs 2 crore

HDFC Bank fixed deposit rate: After the latest revision, HDFC Bank is offering interest rates ranging from 3 per cent to 6.25 per cent, while Bank of Maharashtra will be offering interest rate ranging from 2.75 per cent to 5.75 per cent for specific schemes.

Since May 2022, banks have been tweaking their interest rates on fixed deposits (FDs) in line with consecutive repo rate hikes by the Reserve Bank of India (RBI). Since May 2022, banks have been tweaking their interest rates on fixed deposits (FDs) in line with consecutive repo rate hikes by the Reserve Bank of India (RBI).

Private lender HDFC Bank has increased fixed deposit (FD) interest rates yet again by up to 35 basis points, after hiking it 15 days back. The new interest rates are effective from November 7, 2022, and will be applicable for FD schemes less than Rs 2 crore.  

State-owned Bank of Maharashtra has also tweaked its interest rates on retail fixed deposit schemes. As per its official website, the new rates took effect on November 9 and will be applicable on schemes less than Rs 2 crore. Since May 2022, banks have been tweaking their interest rates on fixed deposits (FDs) in line with consecutive repo rate hikes by the Reserve Bank of India (RBI).

HDFC Bank's new rates 

After the latest revision, HDFC Bank is offering interest rates ranging from 3 per cent to 6.25 per cent on FD schemes maturing between 7 days and 10 years. For senior citizens, investors above 60 years, the rate is a bit higher and is between 3.50 per cent and 7.00 per cent. 

For schemes of 7 to 29 days, HDFC Bank is paying an interest rate of 3.00 per cent. For the next slab of 30 to 45 days, the bank is paying 3.50 per cent as the interest rate. Deposits that mature in 46 to 60 days will be paid an interest rate of 4.00 per cent. For 61 days to 6 months, the bank is offering 4.50 per cent interest. The interest rate for 6 months, 1 day to 9 months is 5.25 per cent, while for deposits of 9 months, 1 day to 1 year, it is 5.50 per cent. 

Deposits of 1 year to 10 years 

The bank is offering a rate of interest of 6.10 per cent for deposits of 1 year 1 day to 15 months. For 15 months 1 day to 18 months, the bank has hiked the interest rate from 6.15 per cent to 6.40 per cent.  

For deposit schemes of 18 months to 2 years, the bank has decided to offer an interest rate of 6.50 per cent. This was 6.15 per cent earlier. On deposits maturing in 2 years, 1 day to 5 years, the bank has revised the rate to 6.50 per cent from 6.25 per cent. For schemes of 5 years, 1 day to 10 years, the bank increased the interest rate to 6.25 per cent. 

For senior citizens 

All senior citizens, investors above the age of 60 years, will receive 50 bps additional interest rates more than general investors on all schemes ranging from 7 days to 5 years.  

Besides, the bank has floated a special fixed deposit named "Senior Citizen Care FD" for a specific tenure of 5 years 1 day to 10 years, where they can get an additional premium of 0.25 per cent over and above the existing premium of 0.50 per cent. The offer is valid is till March 31, 2023. Under this scheme, the senior citizens can get an interest rate of 7.00 per cent, which is 75 basis points more than the standard rate offered to the general investors. 

Bank of Maharashtra 

Pune-based Bank of Maharashtra will now be offering an interest rate of 2.75 per cent to 5.75 per cent on fixed deposit schemes of 7 days to more than 5 years. In addition to this, the bank will grant a maximum interest rate of 6.30 per cent on 400 days of Maha Dhanvarsha deposits. 

Revised rates 

For 7 days to 30 days schemes, the bank is offering an interest rate of 2.75 per cent, while for 31 days to 45 days, the revised rate is 3 per cent. Deposits of 46-90 days can draw an interest rate of 3.50 per cent, for deposit plans of 91-119 days, the rate of interest is 4.50 per cent. The bank will pay 4.75 per cent interest on deposits that mature in 120 to 180 days and 5.25 per cent interest on deposits that mature in 181 to 270 days. 

For FDs of 271 to 299 days, the bank will now provide a rate of 5.50 per cent, while for 300 days, the revised rate is 5.85 per cent. For deposits maturing in 301 to 364 days, the interest rate is now 5.50 per cent. 

Schemes of 1 to 5 years 

Fixed deposit schemes maturing in 365 days to 399 days will now get a revised rate of interest of 6 per cent. For the next slab of 400 days, the revised rate is 6.30 per cent. For 401 days to 3 years, the revised rate of interest is 6 per cent.  

On fixed deposits maturing in 3 years to more than 5 years, the bank is now offering an outstanding rate of 5.75 per cent. 

For senior citizens 

All senior citizens would receive an additional rate of 0.50 per yearly for all schemes from 91 days to 5 years for an amount up to Rs 2 crore.  

The Pune-based bank has also increased its MCLR by 10 basis points to 7.90 per cent. As per its filing in BSE, the bank has kept rates unchanged in four buckets starting with a fortnight to six-month tenor for which it offers MCLR based loans. Its costs of deposits rose sequentially from 3.46 per cent in Q1 FY3 to 3.54 per cent in Q2FY23. Its yield on advances rose from 7.43 per cent in Q1FY23 to 7.81 per cent in Q2FY23, the filing stated.