HDFC Bank has increased the interest rate on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates will be effective from December 14, 2022. Following the hike, HDFC Bank offers fixed-term deposit (FD) interest rates ranging from 3% to 7% for the general public and 3.50% to 7.50% for senior citizens for tenure between 7 days to 10 years.

HDFC Bank FD rates

The bank will continue to pay a 3.00% interest rate on deposits maturing in the next 7 to 29 days, while HDFC Bank will pay a 3.50% interest rate on deposits maturing in the following 30 to 45 days. Deposits maturing in 46 to 89 days will now receive 4.50% interest. HDFC Bank’s interest rates after the hike is 5.75% (formerly 5.25%) for deposits maturing in 6 months, 1 day to 9 months, and 6% (previously 5.50%) for deposits maturing in 9 months, 1 day to 1 year.

Also read:
SBI hikes FD interest rates by up to 65 bps

HDFC Bank is now offering an interest rate of 6.50% ( earlier 6.10%) on deposits maturing in 1 year 1 day to 15 months. For those maturing in 15 months 1 day to 10 years, the bank is offering highest interest rate of 7%.

On deposits from HDFC Bank that mature within 7 days to 5 years, senior persons might receive 50 bps more interest than the regular rate.

Senior Citizen Care FD

Senior Citizens who seek to book a Fixed Deposit less than 5 crores for a duration of 5 years One Day to 10 Years during the special deposit offer running from May 18 to March 31, 2023, will receive an Additional Premium of 0.25% (over and above the existing Premium of 0.50%).

For tenure of 5 year, 1 day to 10 years, the bank will offer an interest rate of 7.75%. Note that the senior citizen rates are only for Resident Indians and do not apply to NRIs.

Recurring deposit

The HDFC Bank has also changed the interest rate on recurring deposits (RDs) with maturities between 6 to 120 months. The bank is currently giving an interest rate on the aforementioned tenor slab that falls between 4.50 and 7% for the general public and 5% to 7.75% for elderly persons.