HDFC Bank has again revised the interest rates of its fixed deposits with effect from August 06, 2018. It had revised its rates last month itself.
Good news for the HDFC Bank customers, particularly those looking to invest in fixed deposits (FDs). India’s largest private lender has again revised the interest rates of its domestic, NRO and NRE term deposits (less than Rs 5 crore) with effect from August 06, 2018. This has been done just a couple of days after the Reserve Bank of India increased its repo rate recently, and just after one month of its last revision in the FD rates last month in July.
It may be noted that the SBI, the nation’s largest bank, had hiked the rates of both its retail and bulk term deposits on July 31st, ahead of the RBI’s bi-monthly monetary policy review. The FD rates were revised across various tenures for both the general public and senior citizens.
With the latest revision in rates, on deposits below Rs 1 crore, HDFC Bank is now offering 7.25 per cent interest rate on its fixed deposits for 1 year as against 6.85 per cent earlier. For senior citizens, the rate has now been revised to 7.75 per cent from 7.35 per cent earlier. Similarly, for term deposits of 3 years 1 day to 5 years, the bank is now offering 7.10 per cent interest as against 7 per cent earlier, while for senior citizens, the rate has now been revised to 7.60 per cent as against 7.50 per cent earlier.
Here are the latest interest rates of HDFC Bank’s Domestic, NRO and NRE term deposits:
(Applicable from 6th August, 2018. Data taken from the website of HDFC Bank)