HDFC Bank, one of India’s largest private banks, has launched two special fixed deposit (FD) schemes for a limited period. The bank has introduced 35-month and 55-month FD plans, which began on May 29, 2023. The bank is offering an interest rate of more than seven percent on both fixed deposits. Senior citizens will also receive an additional half-percent interest on their investments. However, these FD schemes are open for a limited time only.
Special FD Interest Rates
According to the bank, those investing in a special fixed deposit scheme for 35 months or 2 years and 11 months will receive an interest rate of 7.20 percent. Meanwhile, for a special FD scheme with a tenure of 55 months or 4 years and 7 months, the bank is offering an interest rate of 7.25 percent. HDFC Bank is offering interest rates ranging from three to 7.25 percent on its other fixed deposit schemes. The bank is offering a maximum interest rate of 7.25 percent on fixed deposits with a tenure of 4 years and 7 months to 10 years.
FD Interest Calculation
According to the bank’s website, the current interest rates are applicable to deposits of less than INR 2 crore from May 29, 2023. Some time ago, HDFC Bank had changed the interest rates on FDs with a tenure of less than 1 year and 15 months, raising them to 6.6 percent. The bank usually offers interest rates ranging from three to 7.10 percent on fixed deposits of INR 2 crore or less for regular citizens.
Stable Repo Rate
The Reserve Bank of India had raised the repo rate continuously in the previous financial year. After this, banks had also increased their interest rates to make their FD schemes more attractive. However, the Reserve Bank of India has not increased the repo rate in any way this fiscal year. The repo rate is the rate at which the Reserve Bank of India lends money to other banks.
In Conclusion
HDFC Bank’s special fixed deposit schemes offer attractive interest rates for a limited time period. Senior citizens can also benefit from an additional half-percent interest on their investments. However, investors should consider the tenure and deposit amount before investing in these schemes. The Reserve Bank of India’s stable repo rate is also a positive sign for investors looking to invest in FD schemes.
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