Cheer for FD investors! THESE large banks revise fixed deposit interest rates | Earn up to 8.75%
Banks have started raising their fixed deposit rates for general customers and senior citizens both as they are trying to balance their own lending rates and deposit rates after the Reserve Bank kept the key interest rate unchanged for the eight straight time on June 7.
The last around 18 months has been one of the best in many years for fixed deposit investors as they have been receiving competitive interest rates from banks. Experts are of the view that this might not be the end of the rate hike cycle at least for term deposits and financial institutions might further raise the rates to attract customers.
“This makes it a favourable time for depositors to lock in higher returns on their deposits,” according to Adhil Shetty, CEO of Bankbazaar.
Following banks have revised interest rates on their FD products across tenors. Let’s take a look.
Also read: Union Bank of India revises fixed deposit rates – Check new FD rates across tenors!
India’s largest bank in terms of market capitalisation, HDFC Bank has revised interest rates for term deposits below Rs 2 crore, effective June 10, 2024.
The bank will offer general customers interest rates of 3% to 7.25% on tenures ranging from 7 days to 10 years. Its highest rate is 7.25% on tenures of 18 months to less than 21 months for these customers.
For senior citizens, HDFC Bank is offering interest rates of 3.5% to 7.75% on tenures ranging from 7 days to 10 years. Its highest interest rate for senior citizens is 7.75% on tenure of 18 months to less than 21 months.
The bank’s fixed deposits maturing in 15 months to less than 18 months get a 7.10% interest rate for general customers and senior citizens get 50 bps additional.
The private sector lender has revised its FD rates by
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