Are you HDFC Bank account holder? Then this news is for you! India's leading private sector bank, HDFC has revised the rate of interest on Fixed Deposit (FD) amount below the amount of two crore rupees. These new changes in FD rates have come into effect from July 22.
The country's largest institution of the loan in the private sector is paying its customers annual interest rates from 3.50 per cent to 7.30 per cent on different FD deposits from seven days to 10 years.
According to reports, there has been no change in the rate of interest on the FD for maturity in seven days to 29 days. That is, it remains at 4.25 per cent.
According to the bank's website, HDFC Bank has made changes in interest on maturity between 30 days to 6 months and 6 months to one year. Apart from this, the interest rate on Long Term Tax Saving FD has also been changed.
HDFC Bank FD rates:
“The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in a number of days," HDFC Bank on their website said.
After the revision in FD interest rates, HDFC Bank is offering interest rates of 5.50 on 30 to 45 days FD for the general public and 6.00% for senior citizens. Earlier, these rates were 5.75 per cent and 6.25 per cent, respectively. Similarly, interest on FD deposits from 46 days to 6 months has been reduced from 6.25 per cent to 6.00 per cent.
The interest rates on one-year-old FD has been slashed by 0.20 per cent to 7.10 per cent. Senior Citizen always gets 0.50% more interest. Interest rates have also been cut from one year to two years on the FD. It has now dropped from 7.30 to 7.20 per cent.