HDFC Bank increases FD and RD interest rates

HDFC Bank, one of India's leading financial institutions, has recently announced an increase in the interest rates for its fixed deposits (FD) and recurring deposits (RD). This move is aimed at attracting more customers to invest their savings in these secure and reliable financial instruments, offering them better returns on their investments.

For deposits under ₹2 crore, the rates range from 3.00% per annum for very short-term deposits of 7 to 29 days, to a high of 7.25% per annum for tenors of 18 to 21 months. Deposits maturing in 2 years and beyond see rates between 7.00% and 7.20% per annum, depending on the specific duration.

Senior citizens enjoy even more favourable rates on their fixed deposits with HDFC Bank. For the same tenure buckets, the interest rates range from 3.50% per annum for the shortest duration to 7.75% per annum for periods of 18 to 21 months. Longer-term deposits of up to 10 years offer rates as high as 7.70% per annum, ensuring that senior investors receive a significant boost on their savings.

Recurring deposit rates have also been enhanced, providing a structured and consistent saving option. For regular investors, the rates range from 4.50% per annum for a 6-month tenure to 7.20% per annum for deposits lasting up to 5 years. Senior citizens benefit from higher rates, starting at 5.00% per annum for 6 months and going up to 7.70% per annum for tenors from 3 years to 5 years.

The increase in fixed deposit and recurring deposit interest rates by HDFC Bank is a welcome move for savers seeking reliable and higher returns on their investments. With revised rates that cater to various tenures and customer segments, HDFC Bank demonstrates its commitment to providing attractive and secure investment options. As the economic landscape continues to evolve, such proactive measures by leading financial institutions help maintain customer confidence and promote a culture of saving and investment.