2 min readNew DelhiFeb 9, 2024 04:12 PM IST
With effect from February 9, India’s largest private lender HDFC Bank has increased fixed deposit interest rates up to 25 basis points (bps) for deposits below Rs 2 crore.
With a tagline of “HDFC Bank Special Edition Fixed Deposits,” the lender is now offering special interest rates of 7.20 per cent and 7.25 per cent on a tenure of 35 months and 55 months respectively.
| Tenor Bucket | Interest Rate (per annum) |
Senior Citizen Rates (per annum) |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 4.50% | 5.00% | |
|
6 months 1 days < = 9 months |
5.75% | 6.25% |
|
9 months 1 day to < 1 year |
6.00% | 6.50% |
| 6.60% | 7.10% | |
| 7.10% | 7.60% | |
| 7.25% | 7.75% | |
| 7.00% | 7.50% | |
|
2 Years 1 day to < 2 Year 11 Months |
7.00% | 7.50% |
|
2 Years 11 Months – 35 Months |
7.15% | 7.65% |
|
2 Years 11 Months 1 day < = 3 Year |
7.00% | 7.50% |
|
3 Years 1 day to < 4 Years 7 Months |
7.00% | 7.50% |
|
4 Year 7 Months – 55 months |
7.20% | 7.70% |
|
4 Year 7 Months 1 day < = 5 Years |
7.00% | 7.50% |
|
5 Years 1 day – 10 Years |
7.00% | 7.75%* |
(Senior Citizen rates do not apply to NRIs. Minimum tenor for NRE Deposit is 1 Year) Source: HDFC Bank
The bank was in news earlier this week for raising $300 million through its debut sustainable finance dollar-denominated bond issue. “The funds raised through the sustainable finance bonds will be prioritised for lending towards electric vehicles, small and medium enterprises and affordable housing,” said Arup Rakshit, group head-treasury at HDFC Bank.
HDFC Bank had earlier received RBI’s approval to acquire up to 9.5 per cent stake each in six lenders – Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank, and IndusInd Bank – for a period of one year till February 4, 2025. As per the central bank’s directions, throughout this tenure, the bank will have to ensure that the aggregate holding in the six banks does not exceed 9.50 per cent of the paid-up share capital or voting rights of the respective banks.
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