HDFC Bank raises FD rates by 5-10 basis points for these terms: check details

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HDFC Bank has increased rates on fixed term deposits (FDs) for select maturities. These rates will be effective from 12 January 2021. According to the bank’s website, it has raised rates by five to ten basis points on FDs worth less than Rs 2 crore with maturities over two. According to the website, FDs with tenures between 2 years 1 day and 3 years now earn 5.2%, 3 years 1 day and 5 years 5.4%, and 5 years 1 day and 10 years 5.6%.

“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.

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