HDFC Bank has increased FD rates by up to 40 basis points (0.40 percent). The new interest rates are effective from August 18, 2022. These rates are applicable for FD amount less than Rs 2 crore.
New Delhi. HDFC Bank, the country’s largest private bank, has increased the interest rates of fixed deposits after a gap of 2 months. The bank has increased the FD rates by up to 40 basis points (0.40 percent). The new interest rates are effective from August 18, 2022. These rates are applicable for FD amount less than Rs 2 crore.
According to the bank’s website, over a period of one year to two years, there will now be an increase of 15 basis points to 5.50 per cent from 5.35 per cent. Interest rate of 5.50 percent will continue to be available for 2 years to 3 years to less than one day. The bank has increased the interest rate by 40 bps from 5.70 per cent to 6.10 per cent on a tenure between 3 years and one day to 5 years.
Significantly, on August 8, 2022, the Reserve Bank of India (RBI) increased the repo rates by 50 basis points. This was the third time since May 2022 that the central bank hiked key rates. Banks have been increasing FD rates since then, which is good news for investors who were earning low interest rates for decades.
PNB and Kotak Bank also increased rates
Public sector bank PNB also increased the interest rate on FDs of more than one year by 0.20 percent yesterday. The bank will now pay 5.50 percent interest on them. The bank has increased the interest rates by 0.15 percent on FDs of more than 1 year but less than 2 years. These have been increased from 5.45 percent to 5.50 percent.
Kotak Mahindra had increased its interest rates on FD by 0.15 percent. The bank has increased the interest rates by 0.15 per cent to 5.75 per cent for a period of 365 to 389 days. From 390 to three years, FD will now get 5.90 percent interest.
