HDFC Bank Revises Fixed Deposits Rates for Second time in a Month; New FD Interest Rates Here

HDFC Bank has once again revised its rate of interest on fixed deposit (FD) maturities below Rs. 2 crore with effect from 30^th August 2019. This is the second time in a month that the Bank has modified its FD rates. HDFC offers interest rates from 3.50 percent to 7.10 percent on FDs, with maturities from 7 days to 10 years. Senior citizens will continue to get 50 basis points high interest rates as compared to the general public.

AS per the latest HDFC Bank fixed deposits rates, the bank will offer 3.50 percent interest rate on deposits between 7 days & 14 days. For 15 days to 29 days maturity deposits, it is offering 4.25 percent, 30 days to 45 days - 5.15 percent, 46 days to 60 days - 5.65 percent, 61 days to 90 days - 5.65 percent, 91 days to 6 months - 5.65 percent, 6 months 1 day to 9 months 6.25 percent and 9 months 1 day to less than 1 year 6.35 percent.

Revised HDFC Fixed deposits Rates Here

Latest HDFC Bank FD rates (below Rs. 2 crore) for general public

Latest HDFC Bank FD rates (below Rs. 2 crore) for general public for maturity between 1 year & 2 years

On fixed deposits of 1 year, the bank is offering interest rate of 6.90 percent. On deposits between 1 year 1 day to 2 years HDFC Bank is giving 6.80 percent.

Latest HDFC Bank FD rates (below Rs. 2 crore) for general public for maturity between 2 years & 5 years

On deposits maturing in 2 and 5 years, HDFC Bank gives around 7 to 7.1 percent interest. For maturity period 2 years 1 day to 3 years, the bank provides 7.10 percent interest. For fixed deposits maturing in 3 years 1 day to 5 years, it will offer an interest rate of 7.00 percent.

Latest HDFC Bank FD rates (below Rs. 2 crore) for general public for maturity between 5 years & 10 years

How the interest is calculated for FDs?

HDFC Bank calculates interest on term deposits in the following way:

• It is done on a quarterly basis for FDs more than 6 months

• Simple interest (SI) is paid at maturity for FDs less than or equal to 6 months.

• Cumulative interest is calculated every quarter & is added to the principal.

• For monthly deposit scheme, the interest is calculated for the quarter & paid every month at discounted rate over the standard FD Rate.

Earlier this month, other leading banks of India including the SBI, Punjab National Bank, ICICI Bank, Axis Bank, Kotak Mahindra, IDFC First Bank and Canara Bank also revised interest rates on fixed deposits.