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HDFC Bank Slashes Fixed Deposit Rates by up to 50 bps for Various Tenors

Updated on: 25 Jul 2023 // 2 min read // #mmm news
Author :(524 posts)
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In a yet another blow to short term fixed return savings, HDFC Bank has sharply reduced interest rates on fixed deposits (FDs) i.e. up to 50 bps for various tenures. The largest private sector bank of the country has cut down returns for deposits maturing on tenors: 91 days to 6 months, 9 months 1 day to less than a year, and 2 years to 5 years.

Thus, effective from August 25, 2020, the new FD rates will be as follows:

HDFC Bank latest FD interest rates (below ₹2 crore)

Fixed Deposit TenorEffective interest rate for general publicEffective interest rate for senior citizens
7 – 14 days2.50%3.00%
15 -29 days2.50%3.00%
30 – 45 days3.00%3.50%
46 – 60 days3.00%3.50%
61 – 90 days3.00%3.50%
91 days to 6 months.3.50%4.00%
6 months 1 day – 9 months4.40%4.90%
9 months 1 day to less than one year4.40%.4.90%
1 year5.10%5.60%
1 year 1 day to 2 years5.10%5.60%
2 years 1 day to 3 years5.15%5.65%
3 year 1 day to 5 years5.30%5.80%
5 years 1 day to 10 years5.50%6.25%

Senior citizens continue to get 50 basis points higher return than other customers. Currently under limited scheme for COVID relief, senior citizens are getting additional return of 25 bps on long term fixed deposit. So on 5 year 1 day to 10 years of tenor, senior citizen can avail of 75 bps premium return.