HDFC Bank has recently raised its interest rates on fixed deposits for amounts under Rs 3 crore. The new rates are effective from (Wednesday) July 24, 2024 and they are up to 0.20% higher than before.
The highest interest rate is now 7.40% for general customers and 7.90% for senior citizens on deposits with a term of 4 years and 7 months to 55 months.
For shorter terms, HDFC Bank offers:
- 3% interest on deposits maturing between 7 and 29 days.
- 3.5% interest on deposits maturing between 30 and 45 days.
- 4.5% interest on deposits maturing from 46 days to less than six months.
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For terms of six months to less than nine months, the interest rate is 5.75%. Deposits maturing between nine months and less than one year will earn 6% interest.
Increased Fixed Deposit Rate of HDFC Bank
HDFC Bank has raised its fixed deposit interest rates by 0.20% for certain terms. For deposits with a term of 2 years and 11 months to 35 months, the rate has increased from 7.15% to 7.35%. For deposits with a term of 4 years and 7 months to 55 months, the rate has gone up from 7.20% to 7.40%.
| Tenure | Interest Rate (per annum) | Interest Rate for Senior Citizen (per annum) |
| 7 – 14 days | 3% | 3.5% |
| 15 – 29 days | 3% | 3.5% |
| 30 – 45 days | 3.5% | 4% |
| 46 – 60 | 4.5% | 5% |
| 61 – 89 | 4.5% | 5% |
| 90 days <= 6 months | 4.5% | 5% |
| 6 month 1 days <= 9 months | 5.75% | 6.25% |
| 9 months 1 day to < 1 year | 6% | 6.5% |
| 1 year to < 15 months | 6.6% | 7.1% |
| 1 months to < 18 months | 7.1% | 7.6% |
| 18 months to < 21 months | 7.25% | 7.75% |
| 21 months – 2 years | 7% | 7.5% |
| 2 years 1 day to < 2 year 11 months | 7% | 7.5% |
| 2 year 11 months – 35 months | 7.35% | 7.85% |
| 2 year 11 months 1 day <= 3 years | 7% | 7.5% |
| 3 years 1 day to < 4 years 7 months | 7% | 7.5% |
| 4 year 7 months – 55 months | 7.4% | 7.9% |
| 4 year 7 month 1 day <= 5 years | 7% | 7.5% |
| 5 years 1 day – 10 years | 7% | 7.5% |
Also Read: Budget Impact: Jewellery Demand Rises as Gold Prices Fall Ahead of Festive Season!
The increase in fixed deposit rate follows a statement from the CEO of HDFC Bank, who expressed dissatisfaction with the bank’s deposit figures for the first quarter of the financial year.
As of June 30, 2024, HDFC bank’s total deposits reached Rs 23.8 lakh crore, a 24.4% increase from the previous year. In comparison, gross advances grew significantly faster, rising 52.6% to Rs 24.9 lakh crore during the same period.
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