Mumbai: Leading private sector bank in the country, HDFC Bank increased the interest rates on fixed deposits below Rs 2 crore . The bank increased interest rates across a range of tenors by as much as 40 bps.
HDFC Bank will give a 2.75% interest rate on fixed deposits maturing in 7 to 29 days and 3.25% interest rate on term deposits maturing in 30 to 89 days. The interest rate on fixed deposits with maturities between 90 days and 6 months will remain at 3.75%, while the interest rate on fixed deposits with maturities between 6 months and 1 day and less than 1 year will remain at 4.65%.
Also Read: Private sector bank hikes interest rates for these fixed deposits: Details inside
Fixed deposits that mature in 1 year will fetch a interest rate of 5.50%, and fixed deposits that mature in 1 year, 1 day, to 2 years will get 5.50%. HDFC Bank will give an interest rate of 5.50% on fixed deposits maturing in 2 years, 1 day, to 3 years. Fixed deposits maturing in 3 years, 1 day, to 5 years will get 6.10% interest.
The interest rate on fixed deposits from HDFC Bank will remain constant at 5.75% for maturities between 5 years and 10 years.
‘The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non leap year.The period of Fixed Deposit is calculated in number of days’, said HDFC Bank.
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