Private sector lender HDFC Bank, in a recent update, has revised its interest rates on fixed and recurring deposits as low as Rs 2 crore. According to the official website of the bank, the new rates are effective from January 12, 2022. Check out HDFC’s latest interest rates on domestic/NRO/NRE deposits below Rs 2 crore.
HDFC Bank interest rates on fixed deposits
As per the update, if the tenure of the deposit is between 7-14 days, the regular interest rate is 2.50 per cent per annum, and for senior citizen, the rate is 3.00 per cent. The regular interest rates, as well as the rates for senior citizens, remain the same even though the tenor is 15-29 days. However, if the deposit is for one month or up to 45 days, the regular interest rate rises to 3.00 per cent, while it is 3.50 per cent for senior citizens. Rates again remain the same for deposits up to 90 days. If your deposit tenure ranges from 91 days to around 6 months, the simple interest rate will increase by .50 per cent to 3.50 per cent and senior citizens will have to pay 4.00 per cent.
Going forward, if the period is from 6 months 1 day to 9 months, the interest rates will rise again. The simple interest rate will be 4.40 percent and for senior citizens it will be 4.90 percent. If your tenure is 9 months 1 day or less than a year, then the normal interest rate and rates for senior citizens will be 4.40 percent and 4.90 percent respectively. For a tenor of one year, the interest rate on deposits below Rs 2 crore is 4.90 per cent for general and 5.40 per cent for senior citizens.
Now, if the tenure of the deposit is between 1 year 1 day and 2 years, the simple interest rate charged will be 5.00 per cent, while it will be 5.50 per cent for senior citizens. For deposits of up to 2 years 1 day and 3 years, the interest rates are 5.20 per cent (general) and 5.70 per cent (senior citizens). The last-second slab, 3 years 1 day to 5 years interest rates are 5.40 per cent (general) and 5.90 per cent (senior citizens). If your deposit amount is less than Rs 2 crore, that is, for a period between 5 years 1 day and 10 years, the simple interest rate will be 5.60 per cent, and 6.35 per cent if you are a senior citizen.
HDFC Bank Interest Rates on Recurring Deposits
The interest rates on recurring deposits in HDFC Bank have also been revised on January 12. Check out the interest rates the bank is offering to residents, NROs and NREs on recurring deposits, maturing in 27 months to 120 months. These interest slabs are also effective from today.
For 27 months, the interest rate is 5.20 percent, and it is 5.70 percent for senior citizens, and 5.20 percent for NRIs. If the recurring deposit is for 36 months, then the interest slab for general, senior citizens as well as NRIs will remain the same for 27 months. However, if the tenure of your deposit is 39 months, a slight change in rates may be observed. The simple interest rate and the interest rate for NRIs will be 5.40 per cent but for senior citizens it will be 5.90 per cent. Any recurring deposit, which is up to 60 months, the interest slab will remain the same. But if your deposit is for 90 months or 120 months, the interest rate will be 5.60 per cent for general as well as NRIs, and 6.10 per cent for senior citizens.
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