HDFC Bank Hikes Bulk FD Rates by 75 bps; Senior Citizens Can Earn Upto 7.75%

Interest rates on bulk fixed deposits of more than 2 crore to 5 crore have increased, according to HDFC Bank, the largest private sector lender. According to the bank's official website, the new rates will take effect on December 27, 2022.

The bank now offers standard interest rates on deposits maturing within the next seven to ten years of 4.50% to 7.00%, and 5.00% to 7.75% for senior people, as a result of the revision.

On bulk deposits that mature in 15 months to 2 years, the general public is only permitted to earn a maximum interest rate of 7%, while senior citizens are only permitted to receive a maximum interest rate of 7.75% on deposits that mature in 5 years, 1 day to 10 years.

HDFC Bank Bulk FD Rates

On fixed deposits that mature in the next 7 to 29 days, the bank is offering an interest rate of 4.50%, and HDFC Bank is offering an interest rate of 5.25% on deposits that mature in the following 30 to 45 days. HDFC Bank offers an interest rate of 5.75% on deposits that mature in 61 to 89 days and an interest rate of 5.50% on deposits that mature in 46 to 60 days.

Now earn 6.10% interest on deposits maturing in the next 90 days to 6 months, and 6.35% interest on deposits maturing in the next 6 months, 1 day to 9 months. On fixed deposits maturing in 9 months, 1 day to 1 year, the bank is paying an interest rate of 6.50%, and HDFC Bank is offering an interest rate of 6.75% on deposits maturing in 1 year to 15 months.

The interest rate offered by HDFC Bank is 7.15% for FDs due in the next 15 months to two years, and 7.00% for those maturing in the next two years, one day, to ten years.

Senior Citizen Care FD

Only citizens who are at least 60 years old and senior citizens or retired employees are qualified for the higher interest rates that are available to them.

On its website, HDFC Bank states that "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 31st Mar'2023. Senior Citizens who book new Fixed Deposits or renew existing ones within the mentioned time are eligible for this special offer. The non-resident Indian population is not eligible for this offer.”