“Great News! Improved Fixed Deposit interest rates for tenure 3 years 1 day to 5 years on amount Bank FD Now: hdfcbk.io/3ZXV3CKLGJnA *T&C apply. Rates are subject to change,” HDFC Bank sent a notification about the FD rate hike to some of its customers via SMS.
Source: HDFC Bank website
According to the bank’s website, HDFC Bank will continue to offer 2.50 percent interest rate on deposits with a maturity of 7 to 29 days, and 3 percent interest rate on FDs with a maturity of 30 to 90 days. 3.5 percent for FDs with maturity of 91 days to 6 months, and 4.4 percent for FDs with 6 months 1 day to less than one year tenor. On one-year FDs, the bank is offering 4.9 percent.
Other banks‘ FD rates
Compared to this, for deposits below Rs 2 crore, State Bank of India (SBI) is offering interest rates in the range of 2.9-5.4% on FDs with various tenors ranging from 7 days to 10 years. ICICI Bank FD rates range from 2.5-5.5% for tenors between 7 days and 10 years.