“Great news! Improved term deposit interest rates for maturities from 3 years 1 day to 5 years on amount Bank FD Now: hdfcbk.io/3ZXV3CKLGJnA *T&Cs apply. Rates are subject to change,” HDFC Bank sent a notification via the FD rate hike to some of their customers via SMS.
Source: HDFC Bank website
According to the bank’s website, HDFC Bank will continue to offer 2.50 percent interest on deposits with maturities of 7 to 29 days and 3 percent interest on FDs with maturities of 30 to 90 days. 3.5 percent for FDs with a term of 91 days to 6 months and 4.4 percent for FDs with a term of 6 months 1 day to less than one year. The bank is offering 4.9 percent on one-year FDs.
FD rates from other banks
In comparison, the State Bank of India (SBI) offers interest rates ranging from 2.9-5.4% on deposits under Rs 2 crore on FDs with various maturities from 7 days to 10 years. ICICI Bank FD interest rates range from 2.5% to 5.5% for maturities from 7 days to 10 years.