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HDFC Slashes Interest Rates for Fixed Deposits by 25 Basis Points
HDFC Bank has reduced term deposit interest rates by 25 basis points for deposits with a 2 year maturity below Rs.5 crore. The revised rate of interest stands at 6%.
These rates are lower than those offered by State Bank of India, which pays out 6.7% for deposits lower than Rs.1 crore with a 3 year maturity. SBI pays an interest of 6.85% for deposits with a 2 year maturity.
HDFC Bank had cut rates for deposits above Rs.5 crore earlier, with the new rate paid out being 5%.
A number of banks have cut their interest rate for fixed deposits in the week. IDBI Bank, Kotak Mahindra as well as ICICI Bank also reduced interest rates for bulk deposits.
ICICI reduced the rates for deposits between Rs.1 crore and Rs.25 crore with 1 and 2 year maturities from 6.25% to 6.10%.
Kotak Mahindra reduced rates for deposits between Rs.1 crore and Rs.10 crore with 1 year maturity to 6.25% from the earlier 6.35%.
23rd January 2017
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HDFC Fixed Deposit Rate Change
HDFC Bank, one of the premier financial institutions in the company recently changed the interest changes for its term deposit options. For all domestic, NRO and NRE deposit options, the tenure available is between 7 days to 10 years and interest charged on these deposits varies based on the tenure chosen by the customer. Special rates for senior citizens are also available.
The rates have been revised and are as follows -
Rates are the same for almost all tenures except for one.
For a tenure between 91 days to 6 months, the interest rates have changed for deposits amount above and below Rs. 1 crore.
For a deposit amounting to below Rs. 1 crore, the interest rate was previously 6.50% and for senior citizens, it was 7%. This rate has changed to 6.75% to 7.25% respectively.
For a deposit amounting to Rs 1 crore and above (below Rs. 5 crore), the previous rate of interest was 6.50% to 7%. This rate has now become 6.75% to 7.25% respectively.
1st July 2016
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HDFC Bank Interest Rate Changes
The long-standing directive of the Reserve Bank of India and the budget discussion have led banks to reduce the rates of credit facilities for customers. Banks have accordingly taken measures to either hike rates or lower some for different tenures of fixed deposits.
One of India’s finest banking and financial services company HDFC offers customized fixed deposits, with competitive interest rates, to suit the needs of the depositor. When it comes to HDFC term deposits, tenures of 30 days to 45 days will be earning an interest rate of 5.50% (regular fixed deposits) and 6% (senior citizens) per annum for deposit below Rs 1 crore. In case of term deposits of more than Rs 1 crore to Rs 5 crore, the interest rate computed is 6.25% (regular term deposits) and 6.75% (deposits for senior citizens) per annum.
For the next slot of tenures - 1 year; 1 year 1 day to 1 year 3 days; 1 year 4 days; 1 year 5 days to 1 year 15 days; 1 year 16 days; 1 year 17 days to 2 years; 2 years 1 day to 2 years 15 days; 2 years 16 days; 2 years 17 days to 3 years; and 3 years 1 day to 5 years, the advertised rate of interest is 7.50% (regular deposits) and 8% (senior citizens deposits) per annum for below Rs 1 crore deposits. The rates of interest for the same tenures for deposits worth Rs 1 crore and up to Rs 5 crore are 7.50% (regular) and 8% (senior citizens) per annum. Interest rates of 7.25% (regular deposits) and 7.75% (senior citizens deposits) per annum for time period of 5 years 1 day to 8 years are applicable for deposits worth less than Rs 1 crore and above Rs 1 crore and up to Rs 5 crore, respectively.
1st April 2016
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HDFC Bank Fixed Deposit Rates
As per the directive of the Reserve Bank of India, HDFC Bank has dealt cuts to the interest rates of its products owing to the repo rate reduction. Its deductions, though fractional, have been consistent regarding its interest rates. While savings accounts have not been affected in any major way, the traditional investment tool of fixed deposits has witnessed interest downsizing.
The third month of the last quarter of 2015, December, has seen the lowest interest rate of 3.50% per annum for fixed deposits with HDFC Bank. This interest rate applicable for deposit tenures of 9 months 16 days and 9 months 17 days to less than 1 year for deposits less than Rs 1 crore and Rs 1 crore to Rs 5 crore are 7.50% (regular deposit) and 8% (senior citizens deposit) respectively. For the tenures 1 year 1 day - 1 year 3 days; 1 year 4 days; 1 year 5 days - 1 year 15 days; and 2 years 17 days - 3 years, the rates of interest are 7.65% (regular deposit) and 8.15% (senior citizens deposit) for the less than Rs 1 crore deposit.
In case of the term deposit Rs 1 crore till Rs 5 crore, the interest rates remain the same for tenures 1 year 1 day - 1 year 3 days; 1 year 4 days; 1 year 5 days - 1 year 15 days; and 2 years 17 days - 3 years, at 7.50% (regular deposit) and 8% (senior citizens deposit).
16th December 2015
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HDFC Bank Fixed Deposit Rates Change
The base rate changes of most banks post the repo rate drop by the Reserve Bank of India have affected the interest rates of almost all products offered by banks. Fixed deposit accounts from HDFC Bank haven’t stayed immune to this change either.
HDFC Bank has apparently done away with almost all short term deposits that dealt with tenures less than a year. For all other tenures that max out at 5 years, income options have been included that makes fixed deposits from this bank have an added advantage for home makers and elderly people. Periods of 15 months now have an interest rate of 8.35%, 22 months tenure have an interest rate of 8.40% and similar rates are applicable for tenures of 30 months and 44 months respectively. The highest interest rate currently on offer from HDFC Bank on fixed deposits is 8.66% under the Double Money Plan.
10th September 2015
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Fixed Deposits with HDFC might see Lower Rates
There have been many banks who have taken to slashing their base rates in accordance with the repo rate reduction by the Reserve Bank of India, but HDFC Bank seemingly has brought its base rate to an all-time low at 9.35% from its 9.7%, while the fixed deposits at the private bank will still continue to earn interest at a rate of 8.2% at the highest.
With reduction in base rates, banks have also decreased the rate of interest on fixed deposits in a subsequent move, and a similar trend might be followed by HDFC after taking all the pros and cons of the market situation into account. But as of now, HDFC has upped the ante by being the lender with the lowest rates and higher returns on fixed deposits.
2nd September2015
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HDFC slashes fixed deposit rate by up to 25 bps
In a move that may pave way for lower lending rates, HDFC and ICICI Banks have cut their fixed deposit rates on select maturities by up to 0.25% on Monday.
HDFC Bank lowered its fixed deposits rates by 25 basis points for deposits ranging from Rs.1 to 5 crores and above. Axis Bank was one of the major banks to cut its rate by up to 0.25% after the central bank announced repo cut on March 4. The State Bank of India, the country’s largest bank, has however, not hinted at any cut in interest rates so far.
30th March 2015
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HDFC fixed deposits returns go under 9 percent
HDFC Bank has slashed its current fixed deposit interest rates- per the new structure, your fixed deposit will now fetch you under 9% returns. In terms of the exact figures, HDFC Bank has cut the fixed deposit interest rates by up to 50 basis points on most of its deposits. This means the best returns on your fixed deposit will fetch you a maximum of just 8.75% and that too for deposits tenured above one year. The new interest rate cuts will be applicable from this week. The bank validates this move as a step to boost the liquidity or hard cash crunch in the current low spending economy.
5th December 2014
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