India’s largest private sector lender HDFC Bank has revised its interest rates on bulk fixed deposits (FDs) of ₹2 Cr to less than ₹5 Cr. Following the modification, the bank is currently offering interest rates on deposit tenors of 7 days to 10 years that range from 4.75% to 7.00% for the general public and 5.25% to 7.75% for elderly individuals. The maximum interest rate for deposits maturing in 1 year to 15 months is currently 7.75% for senior citizens and 7.25% for regular customers. As per the official website of HDFC Bank the new bulk FD rates are effective as of 27th May, 2023.
HDFC Bank Bulk FD Rates
On bulk deposits maturing in 7 to 29 days, the bank is now offering an interest rate of 4.75% and on those maturing in 30 – 45 days, HDFC Bank is now promising an interest rate of 5.50%. HDFC Bank is now promising an interest rate of 5.75% on a deposit tenure of 46 – 60 days and an interest rate of 6.00% on a deposit tenure of 61 – 89 days.
Deposits maturing in 90 days to 6 months will fetch an interest rate of 6.50% and those maturing in 6 months 1 day to 9 months will fetch an interest rate of 6.65%. The bank will give an interest rate of 6.75% on fixed deposits maturing in 9 months, 1 day to 1 year, while HDFC Bank will offer an interest rate of 7.25% on deposits maturing in 1 year to 15 months. For deposits that mature between 15 months to two years, HDFC Bank will give an interest rate of 7.05%, and for deposits maturing in two years, one day to ten years, the interest rate will be 7.00%.
View Full Image
On fixed deposit tenure of 7 days to 5 years, senior citizens will get an additional interest rate of 50 bps or 0.50% higher than the standard rates, however on tenors of 5 years to 10 years, an additional premium of 0.25% over and above the existing premium of 0.50% shall be given to senior citizens taking the total additional interest rate benefit to 0.75% or 75 bps higher than the standard rates.
“An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 7th July’2023. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian,” mentioned HDFC Bank on its website.
Updated: 28 May 2023, 02:07 PM IST