HDFC Bank, a private sector lender, has raised interest rates on recurring deposits (RDs). The announcement was made on May 17, 2022, and the bank has raised interest rates on recurring deposits from 27 to 120 months as a result of the modification. The bank will continue to provide a 3.50 per cent interest rate on 6-month RDs. HDFC Bank will continue to give a 4.40 per cent interest rate on recurring deposits of 9 months and a 5.10 per cent interest rate on deposits of 12 months to 24 months. The bank previously offered a 5.20 per cent interest rate on RDs maturing in 27 months to 36 months, but now the rate applicable is 5.40 per cent, a 20 basis point increase.
Previously, the interest rate on recurring deposits maturing in 39 to 60 months was 5.45 per cent, but now it will be 5.60 per cent, a 15-basis-point increase. The interest rate for recurring deposits of 90 to 120 months was 5.60 per cent previously, but it has now been increased by 15 basis points to 5.75 per cent.
Senior citizens will continue to get a 0.50 per cent additional premium on 6-month to 60-months of recurring deposits. On RDs of tenure greater than 5 (five) years to 10 years, senior citizens will get an additional premium of 0.25 per cent over and above the regular premium of 0.50 per cent, during a special deposit valid through September 30, 2022. HDFC Bank has mentioned on its website 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 30th Sep’2022. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”
As a consequence, older residents will get an interest rate of 6.50 per cent on recurring deposits of 90 to 120 months, which is 0.75 per cent higher than the usual rate.
HDFC Bank RD Rates 2022
|Period||Interest Rate (per annum)||Senior Citizen Rates (per annum)||Effective From|
|6 Months||3.50%||4.00%||Aug 25, 2020|
|9 Months||4.40%||4.90%||Aug 25, 2020|
|12 Months||5.10%||5.60%||Apr 6th, 2022|
|15 Months||5.10%||5.60%||Apr 6th, 2022|
|24 Months||5.10%||5.60%||Apr 6th, 2022|
|27 months||5.40%||5.90%||May 17, 2022|
|36 Months||5.40%||5.90%||May 17, 2022|
|39 months||5.60%||6.10%||May 17, 2022|
|48 months||5.60%||6.10%||May 17, 2022|
|60 months||5.60%||6.10%||May 17, 2022|
|90 Months||5.75%||6.50%||May 17, 2022|
|120 Months||5.75%||6.50%||May 17, 2022|
Source: Bank Website