HDFC Bank has revised its interest rates on fixed deposits below Rs 2 crore on select maturities. The revised rates have been made effective from August 2. The rates have been slashed by 10 basis points for deposits maturing in one year to two years. After the revised rates, HDFC Bank now offers interest rates for 3.50 per cent to 7 per cent to general customers, while the rates start at 4 per cent to up to 7.50 per cent for senior citizens for deposits up to Rs 2 crore. For deposits from Rs 2 crore to Rs 5 crore the interest rates begin at 4.25 per cent for general customers and 4.75 per cent for senior citizens and go up to 6.75 per cent and 7.25 per cent respectively.
The interest rates have not been revised for deposits maturing in seven days to six months. It is 6 per cent for general customers and 6.50 per cent for senior citizens. For seven days to less than one year period the general customers are being offered an interest rate of 6.75 per cent and 7.25 per cent for senior citizens. The rates are also unchanged for FDs maturing in two to three years and three to five years.
State Bank of India and Punjab National Bank had also recently revised the interest rates on fixed deposits effective August 1 and 2 respectively. These rate cuts come just after the RBI reduced lending rates for third time in a row in its June policy review. RBI is expected to cut yet another25 basis points in lending rate at the monetary review scheduled on August 7.