FD interest rates up to 7.75%: HDFC Bank launches new fixed deposit schemes. Check details

Private lender HDFC Bank has launched two special fixed deposit (FD) schemes, which will be offering interest rates of up to 7.20 per cent for general customers and 7.25 per cent for senior citizens.

The bank has floated new interest rates of 7 per cent and above on all deposits maturing between 18 months and 10 years. At present, the bank is offering interest rates ranging from 3 per cent to 7.25 per cent for general customers on deposits maturing in 7 days to 10 years. On the other hand, senior citizens will earn an interest rate of 3.5 per cent to 7.75 per cent on the same deposits. These rates are effective from May 29, 2023.

“Presenting, HDFC Bank Special Edition Fixed Deposits. Enjoy HIGHER FD Rates @7.20% on tenure of 35 months and @7.25% on a tenure of 55 months. What's more? Senior Citizen benefits 0.50% EXTRA!...So Hurry! Valid for Limited Period only,” stated the HDFC Bank website.

Besides, the private lender has also extended its special senior citizen fixed deposit to July 7, 2023. The special FD scheme was launched in May 2020, which was launched during the pandemic to offer attractive rates to senior customers.

Most lenders in the country have revised their FD rates a couple of times in FY23 after the Reserve Bank of India increased the repo rate in an attempt to beat inflation.

Here’s a look at the revised fixed deposit rates:

7 - 14 days: 3.00%

15 - 29 days: 3.00%

30 - 45 days: 3.50%

46 - 60 days: 4.50%

61 - 89 days: 4.50%

90 days

6 months 1 day

9 months 1 day to

1 year to

15 months to

18 months to

21 months - 2 years: 7.00%

2 Years 1 day to

2 Years 11 Months (Special Edition FD - 35 Month): 7.20%

2 Years 11 Months 1 day

3 Years 1 day to

4 Year 7 Months (Special Edition FD - 55 months): 7.25%

4 Year 7 Months 1 day

5 Years 1 day to 10 Years: 7.00%

New FD rates for general customers

The bank has introduced two special FD schemes for 35 and 55-month terms, which are offering an interest rate of 7.20% and 7.25%, respectively

2 Years 11 Months (Special Edition FD - 35 months) 7.20% 
4 Year 7 Months (Special Edition FD - 55 months) 7.25%

New FD rates for elderly

The bank is offering the same FD schemes with a 35 and 55-month term to senior citizen customers that offers an interest rate of 7.70 per cent and 7.75 per cent, respectively

2 Years 11 Months (Special Edition FD - 35 months) 7.70% 
4 Year 7 Months (Special Edition FD - 55 months) 7.75%

Also read: Which bank has the highest interest rate for fixed deposits? Check details here

Also read: RBI Annual Report 2022-23: Less than 50% of deposits with banks are insured; here's what it means

Also read: RBI says Rs 500, Rs 2,000 banknotes in circulation together accounted 87.9% as on Mar 31 in value terms

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