Want to make money? Check out HDFC Bank Fixed Deposit interest rates applicable from this month - this is how much you will earn now
HDFC Bank also allows the benefit for reinvestment of FDs on maturity. The minimum tenure for availing FDs at this bank is 7 days.
Right after the Reserve Bank of India (RBI) trimmed policy repo rate for the third straight time by 25 basis points, private lender HDFC Bank has revised its interest rates offered on fixed deposits. The new HDFC Bank FD rates are applicable from June 12, 2019, as per the website. Once again senior citizens are receiving the maximum benefit when compared to other categories. When a citizen opens an FD account with HDFC Bank, the interest rates are calculated quarterly, monthly and yearly basis. The bank also allows the benefit for reinvestment of FDs on maturity. The minimum tenure for availing FDs at this bank is 7 days. Let’s find out what are the latest FD rates offered by HDFC Bank are.
For 1-year tenure on FDs below Rs 2 crore, the bank gives 7.30% interest rate to general category, while a senior citizen enjoys hefty 7.80% rate. This rate is also applicable to tenures for over 1 year to 2 years. Senior citizens are defined as Indian residents who are 60 years of age and above.
Going forward, the bank offers 7.40% and 7.90% interest rate each for tenure like 2 years 1day - 2 Years 15 days, 2 Years 16 days and 2 years 17 days - 3 Years to general and senior citizens.
While above 3 years but up to 5 years, a senior citizen enjoys a 7.75% rate and that of general is 7.25% rate. As the tenure rises, the interest rate reduces, for instance, a general category enjoys a 6.50% rate on FDs opened for 5 years to 10 years, while the senior citizen gets a 7% rate.
Meanwhile, for short-term, FDs interest rates on tenures between 9 months to less than 1 year, come at 6.75% and 7.25% for general and senior citizen customers respectively.
There is a 6.25% rate given to general customers for tenues like 46 days to less than 9 months. Here, a senior citizen enjoys a 6.75% rate. While, for tenure like 7 - 14 days, the interest rates are 3.50% and 4% respectively.
HDFC Bank on its website states that Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date/time of receipt of the funds by the bank. When booking FD through NetBanking please note the actual interest rate being applied on the "Confirm" screen. This screen appears before you confirm your request for opening a new FD. In order to see the latest information, we request you to clear your browser's cache to see the updated interest rates.”
Also, the interest rate applicable on multiple deposits, across all channels, made by the same customer in a single day in one particular tenor bucket would be the rate which is applicable for the aggregate value/ individual value of such deposits whichever is lower.
As per the terms and conditions, the Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in a number of days.
Moreover, if there is any premature closure of Fixed Deposit (including a sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.except for the deposits booked with tenor 7-14 days.