HDFC Bank Hikes Interest Rates On FDs By Up To 75 bps, Check New Rates Here

HDFC Bank, a leading private sector bank, has raised interest rates on fixed deposits of below Rs 2 crore. According to the bank's official website, the new rates are effective from October 11, 2022. The bank raised interest rates on fixed deposits by up to 75bps. After the hike, the investors will now get interest rates on deposits with maturities ranging from 7 days to 10 years that range from 3.00% to 6.10% for the general public and 3.50% to 6.75% for senior people, respectively.

The recent development came after the recent repo rate hike. The repo rate was recently increased by 50 basis points (bps) to 5.9% by the Reserve Bank Of India (RBI) Monetary Policy Committee. This resulted in a 190 bps increase in repo rates over the previous five months. Government and private banks have both announced an increase in the interest rate on term deposits in response to the 50 bps repo rate hike in September.

Domestic / NRO / NRE Fixed Deposits Interest Rate w.e.f. 11 October 2022

Tenor Bucket	Interest Rate (per annum)	Senior Citizen Rates (per annum)
7 - 14 days	3.00%	3.50%
15 - 29 days	3.00%	3.50%
30 - 45 days	3.50%	4.00%
46 - 60 days	3.50%	4.00%
61 - 89 days	4.00%	4.50%
90 days - 6 months	4.25%	4.75%
6 mnths 1 days - 9 mnths	5.00%	5.50%
9 mnths 1 day	5.00%	5.50%
1 Year	5.70%	6.20%
1 year 1 day - 2 years	5.70%	6.20%
2 years 1 day - 3 years	5.80%	6.30%
3 year 1 day- 5 years	6.10%	6.60%
5 years 1 day - 10 years	6.00%	6.75%

Source- HDFCbank.com

Please Note - The above-mentioned Senior Citizen Rates do not apply to NRIs. The Minimum tenor for NRE Deposit is 1 Year.