HDFC Bank recently marginally cut its interest rate on retail fixed deposits maturing in one year and one day to up to two years. With effect from November 13, HDFC Bank, the country’s largest lender by market value, pays an annual return of 5.4 per cent to senior citizens and 4.9 per cent to other customers. Previously, HDFC Bank paid interest to the tune of 5.5 per cent to senior citizens and 5 per cent to other customers on such deposits. HDFC Bank kept the interest rates applicable to other 12 maturity options unchanged.
Here are HDFC Bank’s interest rates on fixed deposits of up to ₹ 2 crore with effect from November 13:
| Maturity Period | Interest Rate With Effect From November 13 | Existing Interest Rate | ||
|---|---|---|---|---|
| Public | Senior Citizen | Public | Senior Citizen | |
| Seven days to 14 days | 2.50% | 3.00% | 2.50% | 3.00% |
| 15 days to 29 days | 2.50% | 3.00% | 2.50% | 3.00% |
| 30 days to 45 days | 3.00% | 3.50% | 3.00% | 3.50% |
| 46 days to 60 days | 3.00% | 3.50% | 3.00% | 3.50% |
| 61 days to 90 days | 3.00% | 3.50% | 3.00% | 3.50% |
| 91 days to six months | 3.50% | 4.00% | 3.50% | 4.00% |
| Six months one day to nine months | 4.40% | 4.90% | 4.40% | 4.90% |
| Nine months one day to less than one year | 4.40% | 4.90% | 4.40% | 4.90% |
| One year | 4.90% | 5.40% | 4.90% | 5.40% |
| One year one day to two years | 4.90% | 5.40% | 5.00% | 5.50% |
| Two years one day to three years | 5.15% | 5.65% | 5.15% | 5.65% |
| Three years one day to five years | 5.30% | 5.80% | 5.30% | 5.80% |
| Five years one day to 10 years | 5.50% | 6.25% | 5.50% | 6.25% |
| (Source: hdfcbank.com) | ||||
Commercial lenders such as HDFC Bank review their interest rates from time to time.
