Rewritten: This bank is offering an exceptional interest rate on its special fixed deposit scheme, providing robust returns on investment over a period of 55 months.

HDFC Bank Launches Special Fixed Deposit Schemes with Over 7% Interest Rates

HDFC Bank, the largest private bank in India, has recently introduced two special fixed deposit schemes with a limited time offer. These FD plans are available for a period of 35 months and 55 months, starting from May 29, 2023. The bank is offering more than seven percent interest on fixed deposits for both these periods. Senior citizens can also avail an additional interest rate of 0.50 percent on their investments.

Interest Rates on Special FD Schemes

For the 35-month tenure, the bank is offering an attractive interest rate of 7.20 percent, while for the 55-month tenure, the interest rate is 7.25 percent. HDFC Bank offers interest rates ranging from three percent to 7.25 percent on its other term fixed deposits. The maximum interest rate of 7.25 percent is available on fixed deposits with a tenure of 4 years, 7 months to 10 years.

FD Interest Calculation

HDFC Bank calculates interest on fixed deposits based on the actual number of days in a year. In case of a leap year, the interest is calculated based on 366 days, while for a non-leap year, it is calculated based on 365 days. The current interest rates are applicable from May 29, 2023, on deposits of less than Rs 2 crore.

Fixed Repo Rate

The Reserve Bank of India had continuously increased the repo rate in the last financial year, resulting in banks increasing their interest rates to make their FD schemes more attractive. However, in the current financial year, the repo rate has not been increased by the Reserve Bank.

In summary, HDFC Bank has launched two special fixed deposit schemes with over seven percent interest rates for a limited time. Senior citizens can avail an additional interest rate of 0.50 percent on their investments. HDFC Bank calculates interest on fixed deposits based on the actual number of days in a year.

Follow DelhiBreakings on Google News

Superfast News Coverage by DelhiBreakings.com team.

For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com