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

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

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 Tenor Effective interest rate for general public Effective interest rate for senior citizens

7 – 14 days

2.50%

3.00%

15 -29 days

2.50%

3.00%

30 – 45 days

3.00%

3.50%

46 – 60 days

3.00%

3.50%

61 – 90 days

3.00%

3.50%

91 days to 6 months.

3.50%

4.00%

6 months 1 day – 9 months

4.40%

4.90%

9 months 1 day to less than one year

4.40%.

4.90%

1 year

5.10%

5.60%

1 year 1 day to 2 years

5.10%

5.60%

2 years 1 day to 3 years

5.15%

5.65%

3 year 1 day to 5 years

5.30%

5.80%

5 years 1 day to 10 years

5.50%

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 deposits. So on 5 year 1 day to 10 years of tenor, senior citizen can avail of 75 bps premium return.

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