Following the State Bank of India (SBI), HDFC Bank has updated its fixed deposit interest rates for deposits below Rs 2 crore. The new rates, effective from Monday (June 10, 2024), offer varied interest rates based on the tenure of the deposit.
Interest Rates for General Citizens
HDFC Bank now offers interest rates ranging from 3% to 7.25% for deposit tenures between 7 days and 10 years. The highest rate of 7.25% is for deposits maturing between 18 months and less than 21 months.
Short-term Deposits
– From 7 to 29 days: 3%
– 30 to 45 days: 3.50%
– 46 days to less than 6 months: 4.50%
Medium-term Deposits
– 6 months 1 day to less than 9 months: 5.75%
– 9 months 1 day to less than 1 year: 6%
Long-term Deposits
– 1 year to less than 15 months: 6.60%
– 15 months to less than 18 months: 7.10%
– 18 months to less than 21 months: 7.25%
Adjusted Rates for Longer Tenures
For longer-term fixed deposits, the revised rates are:
– 21 months to less than 3 years: 7%
– 2 years 11 months to less than 3 years: 7.15%
– 3 years 1 day to less than 4 years 7 months: 7.20%
– 4 years 7 months 1 day to less than 5 years: 7.20%
– 5 years 1 day to 10 years: 7%
Special Rates for Senior Citizens
Senior citizens benefit from slightly higher interest rates, ranging from 3.5% to 7.75%, based on the tenure. The peak rate of 7.75% is for deposits maturing between 18 months and less than 21 months.
Also Read: SBI Fixed Deposit Interest Rates 2024: Know what State Bank of India offers
Revised Recurring Deposit Rates
The new recurring deposit rates are as follows:
– 27 and 36 months: 7.15% for general citizens, 7.65% for senior citizens
– 39, 48, and 60 months: 7.20% for general citizens, 7.70% for senior citizens
These new rates offer competitive returns for both short-term and long-term deposits, with senior citizens benefiting from slightly higher interest rates.
Want to learn the science behind personal finance and easily achieve all your financial goals with peace of mind? The help is here.
Disclaimer: The above content is for informational purposes only. Please consult your financial advisor before investing in any scheme.
