Are you a risk-averse investor, looking to invest in fixed deposits this Diwali? If yes, here’s good news for you. HDFC Bank, India’s largest private lender, has hiked its fixed deposit interest rates by up to 50 basis points effective today, ie. 6th November, 2018. The rates have been hiked on domestic, NRO and NRE term deposits below Rs 1 crore as well as above Rs 1 crore to less than Rs 5 crore. The last revision in the FD rates was done by HDFC Bank on October 06 this year.
It may be noted that almost all banks – including the State Bank of India, Kotak Bank and ICICI Bank – have revised their FD interest rates upwards in this rising interest rate regime. With the latest revision in the FD rates, on deposits below Rs 1 crore, HDFC Bank is now offering 7.30% interest rate on its fixed deposits for 1 year as against 7.25% earlier. Senior citizens will get 7.80% interest for the same term as against 7.75% earlier. Similarly, on fixed deposits of 2 years 16 days, the bank is offering 7.40% for the general public and 7.90% for senior citizens as against 7.10% and 7.60%, respectively, earlier. On fixed deposits of 8 years 1 day to 10 years, the general public will now get 6.50% return and senior citizens will get 7.00% return as against 6.00% and 6.50% earlier.
Here are the latest interest rates of HDFC Bank’s Domestic, NRO and NRE term deposits below Rs 1 crore:
(Applicable from 06th November, 2018)
*Effective from 01.11.2018 to 31.03.2019