Mumbai: Largest private sector bank in the country, HDFC Bank has reduced interest rates on fixed deposits. The rates were cut by up to 50 basis points for select tenures. The changes are set to take effect from April 19, 2025. The revised rates apply to deposits below Rs 3 crore.
This move comes shortly after the bank also cut savings account interest rates by 25 basis points. Both decisions follow the Reserve Bank of India’s move to lower the repo rate by 25 basis points in its February and April monetary policy meetings.
After the rate cut, HDFC Bank now offers FD interest rates between 3 per cent and 7.10 per cent for regular customers, while senior citizens can earn between 3.5 per cent and 7.55 per cent.
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For 15 months to less than 18 months, the FD rate has been cut by 5 bps from 7.10 per cent to 7.05 per cent. For 18 months to less than 21 months, the rate has dropped by 20 bps from 7.25 per cent to 7.05 per cent. For 21 months to 2 years, the interest rate is now 6.70 per cent, down from 7.00 per cent, a cut of 30 bps. For 2 years 1 day to less than 3 years, the rate has been reduced by 10 bps from 7.00 per cent to 6.90 per cent. For 3 years 1 day to under 5 years, the new rate stands at 6.75 per cent, compared to the earlier 7.00 per cent, a 25 bps drop. For 5 years 1 day to 10 years, long-term FDs now offer 6.50 per cent interest, down from 7.00 per cent, the steepest cut of 50 bps.
The one-year FD rate stays the same. General customers can earn 6.60 per cent per annum, while senior citizens can get 7.10 per cent per annum on a one-year deposit. Senior citizens can now avail the highest interest rate of 7.55 per cent on FDs with a tenure of 15 to 18 months.