New Delhi: HDFC Bank increased fixed deposit interest rates on certain tenures by up to 25 basis points (bps) for deposits below Rs 2 crore.
With this, the bank now provides interest rates ranging from 3.5% to 7.75% on fixed deposits with tenures spanning from 7 days to 10 years. Notably, the bank has increased the interest rate on the 18-month to less than 21-month tenure from 7% to 7.25%.
Regular citizens can now get rates ranging from 4.75% to 7.40%, with senior citizens receiving an additional 0.50% interest. The highest rates, reaching up to 7.90%, are available for terms ranging from one year to less than 15 months.
HDFC Bank even increased its Marginal Cost of Funds-Based Lending Rates by up to 10 basis points on select tenures. Starting with the overnight MCLR, a 10 bps increase has been implemented, setting it at 8.9%.
Simultaneously, the one-month MCLR has seen a similar upward adjustment, now standing at 8.95%. Loans linked to MCLR undergo a reset period, after which the interest rates are revised for borrowers.
