Many banks, including HDFC Bank, have already increased the interest rates on FDs after the Reserve Bank increased the repo rate. Now HDFC Bank has also increased the interest rates on RD (HDFC Bank RDs Rate). RD interest rates have been increased by 15 to 20 basis points.
New Delhi. There is good news for those who have made Recurring Deposits (RDs) in the private sector bank HDFC Bank. After the fixed deposit, the bank has now increased the interest rates on RD as well. Interest rates on recurring deposits have been increased by up to 20 basis points. The bank has increased the interest on RD maturing in 27 to 120 months.
Many banks, including HDFC, have already increased the interest rates on FDs after the Reserve Bank increased the repo rate. Now HDFC Bank has also increased the interest rates on RD (HDFC Bank RDs Rate). The increased interest rates on RD have come into effect from May 17. A large number of people will benefit from this decision of the bank, as HDFC Bank has a huge customer base and many people prefer the bank to get RD done.
Here are the new interest rates
According to a report by Live Mint, earlier 5.20 percent interest was paid on RDs maturing in 27 months to 36 months, which has now been increased to 5.40 percent. In this way, it has been increased by 20 basis points. The bank has increased the interest earned on recurring deposits maturing in 39 to 60 months by 15 basis points. Earlier, where 5.45 percent interest was available, now 5.60 percent interest will be available to the customers. Interest on RDs completed in 90 to 120 months has also been increased by 15 basis points. This has been increased from 5.60 per cent earlier to 5.75 per cent per annum.
Higher interest to senior citizens
Senior citizens will be given an additional 0.50 percent interest on recurring deposits maturing in six months to 60 months. Apart from this 0.50 percent interest will also be given on RDs completed in more than five and 10 years, 0.25 percent more interest will also be given. This interest will be available to those senior citizens who will make a recurring deposit of less than 5 crores or renew the old RD from 18 May 20 to 30 September 2022. In this way, senior citizens will get interest at the rate of 6.50 per cent per annum on RD maturing between 90 to 120 days.
The interest of these RDs did not increase
There is no change in the interest earned on recurring deposits maturing in six months, nine months and 12 to 24 months. On RD maturing in six months, the bank will pay interest at the same rate of 3.50 percent per annum as before. Interest will be paid to the customer at the rate of 4.40 percent on RD maturing in 9 months and 5.10 percent on RD maturing in 12 to 24 months as before.
