HDFC bank hikes interest rate on FDs
- ByStartupStory | December 3, 2021
HDFC bank has updated its policy on its official website to increase its interest rate on fixed deposits(FD) for select tenors. These changes to the interest rates will be effective starting from December 1, 2021.
With the bank increasing the interest rates by up to 10 basis points(bps) on select tenors, the senior citizens will however, continue to enjoy additional rates of interest or 50 basis points higher interest rates than the general public.
According to the latest revision, HDFC Bank has hiked interest rates by ten basis points (bps) on FDs maturing in one year and two years. These deposits will now attract a 5 percent interest rate. The interest rate on FDs range between 2.50 percent interest rate to 5.50 percent for the general public depending on the tenure.
On FDs maturing in one year and two years, HDFC Bank has raised interest rates by ten basis points (bps); these will now earn a 5% interest rate. These hikes come just one week before the RBI’s bi-monthly monetary policy review.
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