The private sector lender HDFC Bank, in a recent update, has revised its interest rates on fixed and recurring deposits, which are of less than Rs 2 crore. According to the bank’s official website, the new rates are effective from January 12, 2022. Check out HDFC’s latest interest rates on domestic / NRO / NRE deposits of less than Rs 2 crore.
HDFC Bank’s Interest Rates on Fixed Deposits
As per the update, if the tenor of the deposits is between 7 – 14 days, the regular interest rate is 2.50 per cent per annum, and for the senior citizen, the rate is 3.00 per cent. The regular interest rates, as well as rates for the senior citizens, remain the same even if the tenor is for 15-29 days. However, if the deposit is for a month or up to 45 days, the regular interest rate jumps to 3.00 per cent, while that for senior citizens is at 3.50 per cent. The rates again remain the same for a deposit up to 90 days. In case, the tenor of your deposit is from 91 days to approximately 6 months, the general interest rate will jump by .50 per cent to 3.50 per cent and senior citizens will have to pay 4.00 per cent.
Moving forward, if the tenor is from 6 months 1 day to up to 9 months, the interest rates will again witness a rise. The general interest rate will stand at 4.40 per cent and for senior citizens, it will be 4.90 per cent. In case you tenor is of 9 months 1 day or up to less than a year, the general interest rate and rates for senior citizens will be 4.40 per cent and 4.90 per cent, respectively. For a year-long tenor, the interest rate on deposits of less than Rs 2 crore, is 4.90 per cent for general and 5.40 per cent for senior citizens.
Now, if the tenor of the deposit is between 1 year 1 day and 2 years, the general interest rate levied will be 5.00 per cent, while for senior citizens, it will be 5.50 per cent. For deposits between 2 years 1 day and up to 3 years, the interest rates are 5.20 per cent (general) and 5.70 per cent (senior citizens) The last-second slab, from 3 year 1 day to 5 years the interest rates are 5.40 per cent (general) and 5.90 per cent (senior citizens). If your deposit, of less than Rs 2 crore, is for a tenor between 5 years 1 day, and 10 years, the general interest rate will be 5.60 per cent, and if you are a senior citizen the interest would be 6.35 per cent.
HDFC Bank’s Interest Rates on Recurring Deposit
The interest rates on recurring deposits at HDFC Bank have also been revised on January 12. Check out the interest rates, the bank is giving to residents, NROs, and NREs on recurring deposits, which are maturing in 27 months to 120 months. These interest slabs are also effective from today.
For 27 months, the interest rate is 5.20 per cent, and for senior citizens, it is 5.70 per cent, and for NRIs, the rate of interest is 5.20 per cent. In case the recurring deposit is for 36 months, the interest slab for general, senior citizens, as well as the NRIs remains the same as that of 27 months. However, if the tenor of your deposit is 39 months, a slight change in the rates can be witnessed. The general interest rate and for the NRIs, the rate of interest will be 5.40 per cent but for senior citizens, it will be 5.90 per cent. Any recurring deposit, which is for upto 60 months, the interest slabs will remain the same. But in case your deposit is for 90 months or 120 months, the interest rate for general as well as the NRIs will be 5.60 per cent, and for senior citizens, the interest of 6.10 per cent will be levied.
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