Post the repo rate hike by the Reserve Bank of India (RBI), HDFC Bank increased the Fixed Deposit (FD) rates for select deposit tenures. The revised FD rates, according to the official website of the HDFC Bank, have been effective from 6 August 2018.
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The change in FD rates has been made for FDs designed for the general public as well as those for senior citizens. The select deposit tenures for which the rates have been revised are between 6 months 1 day and 5 years. The revision of FD interest rates has been done for deposits ranging from below Rs.1 crore to below Rs.5 crore.
|Deposit Tenure||Current FD Interest rate (per cent)||Previous FD Interest rate (per cent)|
|6 months – 9 months||6.75||6.35|
|9 months 3 days – less than 1 year||7.00||6.40|
As presented in the table above, the FD interest rate for the tenure 6 months to 9 months has been increased by 40 basis points to 6.75 per cent. Further, the rates for the durations 9 months 3 days to less than a year and 1 year have been increased by 60 basis points and 40 basis points respectively.
The rates for FD rates for senior citizens have also been increased. The current rates for senior citizens for the 1 year and 3 years 1 day to 5 years are 7.75 per cent and 7.60 per cent respectively.
The increase in the FD rates is expected to slightly affect the lending rates.
Source: Money Control