has hiked its recurring deposit rates along with its FD rates. HDFC Bank has increased interest rate by up to 40 basis points on select tenures. The new rates are effective from August 18, 2022. This move came after the Reserve Bank of India hiked repo rates by 50 basis points in its monetary policy meeting on August 8, 2022.

On recurring deposits with terms ranging from 6 months to 120 months, HDFC Bank offers interest rates in the range of 3.75 percent to 6.10 percent for regular citizens and for senior citizens it ranges from 4.25 percent to 6.60 percent.

Also read:
HDFC Bank hikes FD interest rate by 40 bps on this tenure

From August 18, the interest rate offered on 12-month, 15 month and 24 month tenures will be 5.50 percent from 5.35 percent, an increase of 15 bps. With effect from August 18, 2022, the bank will provide an interest rate of 6.10 percent for tenures of 39 months, 48 months, and 60 months. The bank offers an interest rate of 5.35 for tenure 12 Months, 15 Months and 24 Months, which have been in effect from June 15, 2022.The bank will continue to offer an interest rate of 5.50 percent for a 27-month term and 5.50 percent for a 36-month term.

Latest HDFC Bank RD interest rates

Source: HDFC Bank website

According to the HDFC Bank website, “Interest on a Recurring Deposit will be calculated from the date the instalment is paid. The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding.”

The interest on a recurring deposit is calculated from the payment date. Interest on RDs will be calculated using Actual / Actual Quarterly Compounding.