In a fresh revision of interest rates, HDFC Bank has increased interest rates on fixed deposits by up to 60 basis points. The bank hiked rates on August 6, 2018. Deposits of various tenures from 6 months to 5 years have seen rate increases. If you are a fresh depositor, you will see a better rate on your FD. If you have already made your FD, you have lost out on the new rate. Breaking your existing FD will carry a penalty. This is typically a deduction of one percent on the applicable rate for the period of the FD.
Table Showing the Latest Fixed Deposit Interest Rates
| Tenure |
Interest Rates |
|
|
Old Rates |
New Rates |
|
| 7 days to 14 days |
3.50% |
3.50% |
| 15 days to 29 days |
4.25% |
4.25% |
| 30 days to 45 days |
5.75% |
5.75% |
| 46 days to 6 months |
6.25% |
6.25% |
| 6 months 1 day to 9 months |
6.35% |
6.75% |
| 9 months 1 day to <1 year |
6.40% |
7.00% |
| 1 year to 2 years |
6.85% |
7.25% |
| 2 years 1 day to 5 years |
7.00% |
7.10% |
| 5 years 1 day to 10 years |
6.00% |
6.00% |
* Interest rate are applicable on deposits below ₹ 1 crore. Senior citizens get an additional interest rate of 0.5% on all deposits.
The increment follows a hike in the benchmark short-term lending rate (Repo rate) of 0.25% to 6.5% by the Reserve Bank of India. The Repo rate is the interest rate at which RBI lends to other banks in India.
