A savvy investor has numerous avenues to generate substantial profits, with many opting for low-risk options. One of the most secure choices available is a Fixed Deposit (FD). HDFC Bank, a prominent player in the private banking sector, has recently made significant adjustments to its FD offerings. The bank has updated its interest rates for bulk FDs ranging from ₹3 crore to under ₹5 crore. Following this revision, HDFC Bank, recognized as India’s largest private sector lender, is now providing interest rates between 4.75% and 7.40% for the general public, and between 5.25% and 7.90% for senior citizens, applicable to FD tenures from 7 days to 10 years. According to HDFC Bank’s official website, these new rates will take effect on December 5, 2024.
Interest rates for short term deposits
For bulk deposits maturing in 7 to 29 days, the bank is offering an interest rate of 4.75%. Additionally, deposits maturing in 30 to 45 days will earn an interest rate of 5.50%. For deposits with maturities of 46 to 60 days, the interest rate is set at 5.75%, while those maturing between 61 to 89 days will receive 6.00%.
Furthermore, deposits maturing in 90 days to 6 months will yield an interest rate of 6.50%. For terms of 6 months and 1 day to 9 months, the rate is 6.85%, and for deposits maturing from 9 months and 1 day to 1 year, the rate is 6.75%. HDFC Bank will offer an interest rate of 7.40% for deposits maturing between 1 year and 15 months, and 7.05% for those maturing between 15 months and 2 years. Lastly, deposits with maturities from 2 years and 1 day to 10 years will earn an interest rate of 7%.
It is worth noting that the bank last adjusted its interest rates for customer fixed deposits below ₹3 crore on July 24, 2024, with rates ranging from 3% to 7.00% for maturity periods spanning from 7 days to 10 years.