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HDFC Bank revises FD interest rates; here's how they compare to ICICI Bank, SBI

HDFC Bank has cut the interest rate on deposits that would be maturing in one to two years. The interest rates for the rest of the tenures have remained unchanged

twitter-logoBusinessToday.In | November 16, 2020 | Updated 17:32 IST
HDFC Bank revises FD interest rates; here's how they compare to ICICI Bank, SBIHDFC Bank revises FD interest rates; here's how they compare to ICICI Bank, SBI
The new rates have come into effect from November 13

HDFC Bank has revised interest rates on fixed deposits on specific tenures. HDFC Bank has cut the interest rate on deposits that would be maturing in one to two years. The interest rates for the rest of the tenures have remained unchanged. The new rates have come into effect from November 13.

After the latest HDFC Bank interest rate revision, the bank is now offering a 2.5 per cent interest rate on deposits maturing between 7 days and 29 days and 3 per cent on deposits maturing between 30 and 90 days. Fixed deposits maturing between 91 days to 6 months have an interest rate of 3.5 per cent and those maturing between six months and one day less than one year have an interest rate of 4.4 per cent. HDFC Bank now gives an interest rate of 4.9 per cent on deposits maturing in one year.

HDFC Bank for its latest revision has cut interest rates by 10 basis points (bps) on deposit maturing between one year to two years; the interest rate on these term deposits is now 4.9 per cent. The interest rates on term deposits maturing between 2 to 10 years have remained unchanged under the new revision. In summary, the interest rates offered by HDFC Bank on fixed deposits are:

Between 7 - 14 days rate is 2.50%;

15 - 29 days rate is 2.50%;

30 - 45 days rate is 3%;

46 - 60 days rate is 3%;

61 - 90 days rate is 3%;

91 days - 6 months rate is 3.5%;

6 months 1 days - 9 months rate is 4.4%;

9 months 1 day < 1 Year rate is 4.4%;

1-year rate is 4.9%;

1 year 1 day - 2 years rate is 4.9%

Senior citizens will continue to get 50 bps higher interest rates as compared to the general public. HDFC Bank offers interest rates from 3 per cent to 6.25 per cent on fixed deposits maturing in 7 days to 10 years to senior citizens.  

Both State Bank of India (SBI) and ICICI Bank had also recently revised the interest rates offered on FDs.  Here are the interest rates offered by SBI that have been in effect since September 10.

Between 7 days to 45 days rate is 2.9%;

46 days to 179 days rate is 3.9%;

180 days to 210 days rate is 4.4%;

211 days to less than 1-year rate is 4.4%;

1 year to less than 2 years rate is 4.9%;

2 years to less than 3 years rate is 5.1%;

3 years to less than 5 years rate is 5.3%;

5 years and up to 10 years rate is 5.4%

Here are the interest rates on FDs offered by ICICI Bank that have been in effect since October 21:

Between 7 days to 14 days rate is 2.50%;

15 days to 29 days rate is 2.50%;

30 days to 45 days rate 3%;

46 days to 60 days rate 3%;

61 days to 90 days rate is 3%;

91 days to 120 days rate is 3.5%;

121 days to 184 days rate is 3.5%;

185 days to 210 days rate is 4.40%;

211 days to 270 days rate is 4.40%;

271 days to 289 days rate is 4.40%;

290 days to less than 1-year rate is 4.40%;

1 year to 389 days rate is 4.9%;

390 days to < 18 months rate is 4.9%;

18 months days to 2 years rate is 5%;

2 years 1 day to 3 years rate is 5.15%;

Also Read: Mumbai's Chhatrapati Shivaji airport seeks extension in loan moratorium till March 2022

Also Read: WPI inflation for October rises third month in a row to 1.48%

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